The rate is fixed until 31 March 2015 when it reverts to the society’s SVR, currently 5.64 per cent.
Hinckley & Rugby chief executive Chris White says: “There is always an appetite in the market for a competitive fix and this mortgage should hit the mark.”
The product comes with an arrangement fee of £195 and a completion fee of £695 and no early repayment charge. Free valuations are available on properties valued up to £1m.
The minimum advance is £50,000 and the maximum is £240,000 at 80 per cent. There is a sliding scale from there to a maximum loan of £1.25m at up to 60 per cent LTV.