Hinckley & Rugby Building Society has cut the interest rate on its buy-to-let two-year discount mortgage from 4.19% to 3.49%.

The mortgage is available at up to 75% LTV.

The mortgage is a two-year discount of 2.15% off the Society’s basic variable rate for buy-to-let mortgages of 5.64%.

The fees are unchanged, at £250 on application and £1,250 on completion. The completion fee can be added to the loan, as long as the LTV does not exceed 75%. As with all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).

The mortgage is available through intermediaries and there is a property assessment fee on a sliding scale from £265.

Hinckley & Rugby business development manager Carolyn Thornley-Yates said: “Cutting the interest below 3.5% on a 75% LTV mortgage makes this product highly competitive. It is backed by our outstanding levels of customer service and individual approach to underwriting.”