The Hinckley & Rugby Building Society has reduced the interest rate on a five-year fixed rate mortgage, exclusive to its Privileged Partners select group of mortgage brokers.

The Privileged Partners networks are Connells/Sequence, Intrinsic/Positive Solutions, John Charcol, London & Country, Mortgage Advice Bureau, Sesame, SimplyBiz and Which? Mortgage Advisers.

They are seeing the five-year fixed rate mortgage for up to 90% LTV cut to 3.05%.

Privileged Partners’ benefits include increased procuration fees, semi-exclusive access to some of the Society’s most competitive rates, BDM support and guaranteed notice of product withdrawal.

All other terms for the mortgage are unchanged. It has an application fee of £199 and completion fee of £800. Valuations are free for properties costing up to £1 million.

Carolyn Thornley-Yates, Hinckley & Rugby head of intermediary sales, said: “Five year fixes remain very popular with buyers seeking long-term certainty about their repayments. This rate cut sharpens the competitive edge of a key product for our Privileged Partners.”