Hinckley & Rugby Building Society has launched three new fixed rate residential mortgages and cut the interest rate on an existing fix.

There is a new two year fix at up to 85% Loan to Value (LTV) with an interest rate of 2.85%. The overall cost for comparison is 5.2% APR. There is no early repayment charge (ERC).

A five year fix at up to 90% LTV charges 4.75% and has an overall cost for comparison of 5.4% APR.

Another five year fix is now available at up to 85% LTV with an interest rate of 3.99%. Its overall cost for comparison is 5.0% APR.

All three new mortgages have arrangement fees of £199 and completion fees of £800. The valuation is free for properties up to £1 million.

The existing two year fixed rate mortgage at up to 80% today sees its charging rate cut from 2.49% to 2.39%. The new overall cost for comparison is 5.1% APR.

The fees on this mortgage, and all existing two and five year fixes, are changing to £199 on arrangement and £800 on completion. The previous fees were, respectively, £295 and £695.

Hinckley & Rugby does not charge the arrangement fee until an initial assessment of the case has taken place, so customers will not lose out if the application falls at the first hurdle.

Hinckley & Rugby chief executive Chris White said: “Fixed rates are currently proving very attractive to many customers and these new mortgages and the rate cut keeps our range highly competitive and delivered with our outstanding customer service levels.”