The Hinckley & Rugby Building Society has reduced the interest rates on three mortgages which is says are particularly attractive to first time buyers.

All three are fee-free.

The mortgages are all available up to 95% LTV. The Joint Borrower Sole Proprietor products enable family support for buyers.

A three-year fixed mortgage sees its rate cut from 3.24% to 2.88%. After three years there is a discount rate, currently 4.49%, for two years. ERCs step down from 3% in year one to 1% in year three.

A two-year fix Joint Borrower Sole Proprietor product has its rate cut from 3.49% to 3.29%. At the end of the fix there are three years at the discount rate, currently 4.49%. ERCs step down from 2% in year one to 1% in year two.

For a five-year fix Joint Borrower Sole Proprietor product, the rate cut is from 3.89% to 3.69%. ERCs step down from 5% in year one to 1% in year five.

Carolyn Thornley-Yates, the Hinckley & Rugby’s head of sales and marketing, said: “Free-free mortgages at such high loan to values help first time buyers manage both their deposit and their budget as they move into their first own home.

“We have been offering Joint Borrower Sole Proprietor mortgages since 2016 to enable parents, who already own their home, to help a son or daughter. As we do not have a maximum age at term-end, these mortgages are now an option for all generations within families to back their buyers.”

All three mortgages feature free property assessments up to a value of £1 million.