Hinckley & Rugby Building Society, which lends throughout England & Wales, has today launched three new fixed rate residential mortgages and cut the interest rate on an existing fix.

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

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

Another five year fix is now available at up to 85 per cent LTV with an interest rate of 3.99 per cent. Its overall cost for comparison is 5.0 per cent 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 per cent today sees its charging rate cut from 2.49 per cent to 2.39 per cent. The new overall cost for comparison is 5.1 per cent 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.

Because Hinckley & Rugby does not use automated underwriting, all lending decisions are taken by the Society’s staff. Credit scoring systems are not used – applicants with little or no credit history will not automatically be rejected.

Brokers – including directly authorised and appointed representatives – can easily access the Society’s underwriting decision makers to discuss individual circumstances.

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.”

Details of all the Society’s mortgages are at www.hrbs.co.uk