Hinckley & Rugby Building Society has cut the interest rates on a pair of two year discount mortgages and launched a new lifetime discount at 2.19%.

The new mortgage, available at up to 80% LTV has an optional offset facility. Its charging rate of 2.19% interest is a 3.45% discount off the Society’s SVR (currently 5.64%).

The first rate cut is to the existing two year discount mortgage at up to 85% LTV, which comes down from 2.79% to 2.45%.

For the 90% LTV mortgage, the interest rate is cut from 3.45% to 2.79%. All other terms remain the same on these two mortgages.

For all three mortgages, the arrangement fee is £199 and the completion fee is £800. The mortgages have a free valuation up to £1 million and no Early Repayment Charges.

Chris White, Hinckley & Rugby chief executive, said: “We’re constantly looking to offer great deals to customers, and their brokers, so we’ve sharpened the rates on these key discount mortgages and added a very attractive lifetime discount.”