The Hinckley & Rugby Building Society has unveiled two new fee-free cashback mortgages at up to 95% LTV.

The two new fee-free mortgages are:

• A five-year fix at 3.49% interest, with tapered ERCs during years one to five
• Two years fixed at 3.20%, then a discount of 1.65% from the SVR during years three to five. There are ERCs of 2% in the first two years

Both feature free valuations on properties worth up to £1 million.

Carolyn Thornley-Yates, the Hinckley & Rugby’s head of sales and marketing, said: “These products are priced to be extremely competitive within the popular fixed rate market.

“They may not be around for long as there is a limited tranche of funding allocated to them. We’re sure they will be of great interest both to direct customers and to mortgage intermediaries looking for higher LTV lending that is fee-free and features a very useful £1,000 cashback for homebuyers.

“Both of these very competitive mortgages provide homebuyers with the certainty of knowing what their monthly repayments will be. Both should be welcomed particularly by first time buyers.

“Applicants, and their broker if they are using one, will also benefit from our traditional levels of one-to-one service and our manual underwriting which considers the circumstances of each applicant without credit scoring.”