Hinckley & Rugby Building Society has reduced the interest rates of four of its mortgages and axed the Early Repayment Charge (ERC) from its five-year fix.

The mutual now has no mortgages with ERC.

The ERC has been removed from the five year fix, which has also seen its interest rate cut from 3.59% to 3.35%. The end date has been reset at June 30 2018. The mortgage is available at up to 80% loan-to-value (LTV).

Also cut is the rate on the two year discount at up to 90% LTV. The rate is reduced from 4.24% to 3.95%.

The two year discount and fixed rate mortgage revert, at the end of their respective periods, to the Society’s Standard Variable Rate (SVR), currently 5.64%.

The society’s two year discount mortgage specifically for newly built properties at up to 90% LTV sees its rate cut from 4.19% to 3.89% (overall cost for comparison is 5.4% APR).

The fourth mortgage to see a reduced interest rate is the buy-to-let product at up to 60% LTV. The two year discount rate was 3.49% and is now 3.24% (overall cost for comparison is 5.3% APR).

The fees remain unchanged on all the mortgages. Details for each are available at www.hrbs.co.uk

Hinckley & Rugby chief executive Chris White said: “We now have a family of mortgages at very attractive rates and none of them have Early Repayment Charges, making them even more straightforward for customers and introducers.”