Hinckley & Rugby Building Society and Mortgage Advice Bureau (MAB) have launched an exclusive product for homeowners who want to pay down their Help to Buy equity loan.

In line with Help to Buy’s fifth anniversary, the Hinckley & Rugby/MAB exclusive will enable customers to save the interest they would be expected to pay.

The two-year fixed rate product is available at up to 90% loan-to-value (LTV) with a charging rate of 2.74%. There’s also £1,000 cashback to help with the administration and valuation costs to pay back a Help to Buy equity loan.

The firms will not charge for arrangement or completion fees and will offer a free valuation for properties worth up to £1 million.

Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, commented: “It’s a great example of Hinckley & Rugby working with a network to create a product that addresses a niche need with a competitive mortgage that is delivered with our flexible approach to underwriting and outstanding levels of customer service.”

Brian Murphy, head of lending at MAB, added: “We are delighted to be able to give Mortgage Advice Bureau customers exclusive access to this new product.”

“We are committed to helping increase the limited market options for those Help to Buy customers looking to pay off their equity loan and this helps minimise additional costs and simplifies the process of taking out the government’s second charge.”