The Hinckley & Rugby Building Society has launched a new fixed-then-discount mortgage at up to 90% LTV.

After a two-year fix period at 3.14% ends there is a further three years at 3.99%, a 1.65% discount from the Society’s SVR before the mortgage reverts to the SVR.

The new mortgage comes without an ERC and is available through intermediaries.

The minimum loan is £50,000 and the maximum is £275,000 at 90% LTV.

There is a £199 arrangement fee and an £800 completion fee.

Chris White, Hinckley & Rugby chief executive, said: “This new mortgage completes our range of reversionary mortgages that offer customers the certainty of a fix followed by the value of a discounted rate.”