Hinckley & Rugby Building Society has cut the interest rates on its two year discount and two year fixed rate mortgages and launched two new products.

The rate on the 80% Loan to Value (LTV) two year discount mortgage has been cut to 2.45% from 2.65%. The rate is a 3.19% discount off the Society’s Standard Variable Rate (SVR).

In addition, the rate on the 80% LTV two year fixed rate mortgage has been cut to 2.59% from 2.75%.

Fees for both mortgages are unchanged at £295 for arrangement and £695 for completion. As with all Hinckley & Rugby’s residential mortgages, there are no Early Repayment Charges (ERCs).

There is also a new two year discount mortgage at up to 85% LTV, charging 3.09%. The fees are £295 for arrangement and £695 for completion.

A new lifetime discount mortgage, also at up to 85% LTV, is charging 3.49%. The fees are £295 for arrangement and £695 for completion.

Chris White, Hinckley & Rugby chief executive, said: “The new mortgages and reduced rates are very attractive. We expect them to be popular with buyers and those remortgaging.”