Hinckley & Rugby Building Society has cut the interest rate on its fee-free five-year fixed rate mortgage at up to 95% loan-to-value (LTV).
The charging rate for the fixed period has been reduced from 3.29% to 3.10%, with zero application or completion fees.
Valuations are also free for properties valued up to £1 million.
What’s more, there are early repayment charges (ERCs) stepping down from 5%. The minimum advance is £150,000.
Carolyn Thornley-Yates, head of sales and marketing at Hinckley & Rugby, says: “The combination of a great reduced interest rate, £1,000 cashback on completion and no fees makes this mortgage a must-look for first time buyers in particular.”
“We are seeing increased demand for longer fixes from first timers, and the fee-free aspect is designed to help buyers who wish to put their savings towards their deposit and move into their first owned home, with £1,000 cashback to help them settle in.”