Hinckley & Rugby Building Society has reduced rates on several products, including Income Flex and limited company buy-to-let mortgages.

These latest reductions follow an initial round of rate cuts of up to 0.7% across the Society’s range during the final week of April.

The mutual has also launched two new five-year fixed-rate specialist products: a 95% LTV five-year fixed-rate Flex Together (JBSP) mortgage at 5.99%, and a 90% LTV five-year fixed-rate Income Flex mortgage, also at 5.99%.

Both of these products are aimed at addressing consumer uncertainty and affordability, with five-year fixed-rate products not being stress-tested as high as the two-year products they are replacing.

Christopher Holmes, the mutual’s products senior manager, said: “Affordability is a huge issue right now, and we are proud to be effectively addressing this for those first-time and first-time-again homebuyers who are struggling the most.

“For those wanting to include close family members on their mortgage to boost their borrowing power, our new five-year fixed Flex Together product offers a very competitive rate. Flexed even further with our Tailored Term tool, different applicants can share the mortgage over different timescales, removing the term limitations often faced when joint applicants have a significant age gap.

“Income Flex was already a very flexible product, offering up to x5.5 multiple with no minimum income requirement, including contractors and the self-employed, but now with a five-year fixed option at 5.99% it is significantly more affordable.”

Laura Sneddon, head of mortgage sales, added: “At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our five-year fixed limited company products offers a real boost in terms of affordability.

“Driving down rates at this very challenging time for all homebuyers is essential, and we are proud to be very-much leading the way on this.”