The Hinckley & Rugby Building Society has launched a two-year discount mortgage with an initial interest rate of 3.24%.

The mortgage is available at up to 80% LTV.

The 3.24% interest rate is a discount of 2.40% off the SVR. The overall cost for comparison is 5.2% APR.

The arrangement fee is £195 and the completion fee is £695. There is no early repayment charge.

“This is a very competitive interest rate which should appeal to buyers looking for an attractive discount mortgage with no early repayment charges,” said Hinckley & Rugby chief executive Chris White.