The Hinckley & Rugby Building Society has introduced two new fee-free ‘high LTV’ mortgages.

The ‘fix then discount’ products are fee-free and are available at up to 95% and 90% LTV. The rate is fixed for the first two years and then reverts to a discount for the next three years.

The 95% LTV mortgage charges a fixed 3.39% and then 3.99%, a 1.65 discount off the Society’s SVR.

The 90% LTV mortgage is fixed at 2.29% before also reverting to 3.99%.

With both mortgages there are no ERCs and valuations are free up to a value of £1 million. Both are available via the Society’s Privileged Partners and direct.

Carolyn Thornley-Yates, Hinckley & Rugby head of intermediary sales, said: “Our fixed then discount five year products have found great appeal in the market and these fee-free versions are an outstanding innovation.

“We now have more options for borrowers with smaller deposits, as these new mortgages complement our existing range of products with fees payable but a lower charging rate.”