Hinckley & Rugby Building Society has cut the interest rate on two mortgages.

The society’s residential two year discount mortgage at up to 90% Loan to Value (LTV) is cut from 3.75% to 3.59%. This mortgage is not available for new build properties. The overall cost for comparison is 5.3% APR.

The interest rate on the Society’s residential lifetime discount mortgage at up to 85% LTV is cut from 3.49% to 3.39%. The overall cost for comparison is 3.5% APR.

All other terms for both mortgage products are unchanged. Both have fees of £295 for arrangment and £695 on completion. There is a free valuation and, like all Hinckley & Rugby mortgages, there are no Early Repayment Charges (ERCs).

Hinckley & Rugby chief executive Chris White said: “We’ve cut the interest rate on these two mortgages to make them even more attractive to buyers and remortgagers.”