Hinckley & Rugby Building Society yesterday launched three new mortgages â including two designed exclusively for people buying new build homes.

One of the new two year discount mortgages is for newly built homes at up to 90 per cent Loan to Value (LTV), at an interest rate of 3.99 per cent. It’s a 1.65 per cent discount off the Society’s Standard Variable Rate (SVR). The overall cost for comparison is 5.4 per cent APR. The Society pays the premium for the higher lending insurance.

The second new two year discount mortgage is for newly built homes at up to 85 per cent LTV, at an interest rate of 3.33 per cent. It’s a 2.31 per cent discount off the Society’s Standard Variable Rate. The overall cost for comparison is 5.3 per cent APR.

The third new mortgage is a two year tracker, at up to 80 per cent LTV, charging 2.45 per cent interest. The rate tracks at 1.95 per cent above Bank Base Rate for two years, with a floor of 2.45 per cent, before reverting to the Society’s SVR. The overall cost for comparison is 5.1 per cent APR.

All three mortgages have competitive fees - £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).

Meanwhile, the Society has cut the interest rate on its five year fixed rate mortgage to 3.35 per cent. Available at up to 80 per cent LTV, the five year fix has been reduced from 3.45 per cent. The fixed rate period has been extended to November 30 2018. The overall cost for comparison is 4.6 per cent.

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: “Here are four great mortgages designed with buyers in mind. They are competitively priced and backed by our commitment to outstanding levels of traditional service.”

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