Hinckley & Rugby cuts discount mortgage rates

Hinckley & Rugby Building Society has cut the rates on three of its lifetime discount mortgages.

The society has reduced its lifetime discount deal at 75% LTV from 3.39% to 3.29%, a discount of 2.35% from its SVR.

At 80% LTV the product now has a rate of 3.39%, down from 3.49%, while at 85% LTV it has a rate if 3.79%, down from 3.89%.

The 75% and 80% LTV deals have an arrangement fee of £195, while the 85% LTV deal has an arrangement fee of £395. All products also come with a £695 completion fee.

Chris White, chief executive of Hinckley & Rugby, says: “Thanks to these rate cuts our discount mortgages are even more appealing. We expect them to be very popular.

“Given they are lifetime discounts, these are very competitive mortgages.”