The Hinckley & Rugby Building Society has launched two new lifetime discount mortgages at up to 90% and 95% LTV.

The new 95% LTV mortgage has a lifetime discount of 1.85% off the Society’s SVR. The initial charging rate is 3.79%.

The 90% LTV mortgage has a lifetime discount of 2.85% off the Society’s SVR. The initial charging rate is 2.79%. This product is available for new build houses and flats.

Both mortgages have a £199 arrangement fee and an £800 completion fee. There are free valuations up to £1 million and no ERCs. In addition, both are available with offset savings accounts which can be operated online.

Chris White (pictured), Hinckley & Rugby chief executive, said: “We’ve long had a lifetime discount at a lower LTV so this is a natural extension to appeal to first time buyers and others with a smaller deposit.

“The optional offset facility gives borrowers the flexibility to reduce the interest charged and ultimately the length of the loan, which can be a real plus for people who have savings balances either now or in the future.”