The Hinckley & Rugby Building Society has launched a new 95% LTV mortgage and cut the rates on two other high LTV products. 

The new 95% LTV mortgage is a five-year fix at 4.79%. It has a £199 booking fee and an £800 completion fee which can be added to the loan, subject to loan size and the maximum LTV. There are free valuations up to £1 million.

The mortgage has ERCs, stepping from 5% in year one to 1% in year five. Overpayments of up to 10% per year are allowed without incurring ERCs.

The two rate cuts are:

• The two-year fix at up to 95% LTV is now 3.95% (was 4.29%)
• The five-year fix at up to 90% LTV is now 3.54% (was 3.79%).

For the two-year discount buy-to-let mortgage at up to 75% LTV, the Society has switched the completion fee from £999 to 2.5% of the advance.

All other terms remain the same for those mortgages.

Chris White, Hinckley & Rugby chief executive, said: “Available direct and through brokers, the new five-year fix is designed to be attractive to first time buyers as well as the wider market.”