Hinckley & Rugby Building Society has launched two new mortgages and reduced the interest rates on another two.

A new three-year discount mortgage at up to 80% LTV (loan to value) has an initial interest rate of 2.55%. Reverting to the Society’s Standard Variable Rate (SVR), currently 5.64%, the overall cost for comparison is 4.8% APR.

Also new is a three-year fixed rate mortgage at 2.99%, with an overall cost for comparison of 5.0% APR. It is also available at up to 80% LTV.

There is a rate cut of 0.34 percentage points off the existing two year discount mortgage at up to 85% LTV, which is now charging an initial 2.75% (overall cost for comparison is 5.2% APR).

In addition, there is a 0.10 percentage points cut, to 3.79%, off the residential two year fixed rate mortgage at up to 90% LTV (the overall cost for comparison is 5.4% APR). All other terms for the existing mortgages are unchanged.

Fees are £295 for arrangement and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).

Hinckley & Rugby chief executive Chris White said: “We’ve sharpened rates and launched two new mortgages to keep the Society to the forefront of what is a very competitive market. Buyers don’t only get great rates from Hinckley & Rugby, they also enjoy outstanding service delivered by our experienced mortgages staff.”