Hinckley & Rugby Building Society has launched two new mortgages and cut the rate on another.

There is a new three year discount mortgage, charging an initial 2.09% interest. The discount is 3.55% off the Society’s Standard Variable Rate for three years.

The mortgage is available at up to 60% loan to value (LTV).

The second new mortgage is a lifetime tracker at 2.39% above bank base rate, initially charging 2.89%. The mortgage is available as an offset and the maximum LTV is 80%.

Both the new mortgages have fees of £295 for arrangement and £695 on completion. There is a free valuation on properties valued under £1 million and there are no Early Repayment Charges (ERCs).

Hinckley & Rugby has cut the interest rate on the five year fix available at up to 80% LTV which had charged 3.55%, reducing it to 3.49%. Early Repayment Charges – on a sliding scale – have been introduced on this and the Society’s other five year fix.

Hinckley & Rugby chief executive Chris White said: “We are continually seeking to give buyers and remortgagers the very best deal to best suit their circumstances. We hope these new mortgages and the rate cut will have wide appeal.”