Hinckley & Rugby Building Society has announced cuts to the interest rates on three mortgages aimed at first-time buyers.

The society revealed that the three mortgages, which are fee-free, will be available for buyers with modest deposits, with lending up to 95% LTV. Hinckley & Rugby added that the Joint Borrower Sole Proprietor products would enable family support for buyers.

The society announced its three-year fixed mortgage rate has been cut from 3.24% to 2.88%, a two-year fix Joint Borrower Sole Proprietor product has had its rate cut from 3.49% to 3.29%, and that for a five-year fix Joint Borrower Sole Proprietor product, the rate cut is down from 3.89% to 3.69%.

The society also said that all three of the mortgages feature free property assessments up to a value of £1m.

Hinckley & Rugby head of sales and marketing, Carolyn Thornley-Yates, commented: “Free-free mortgages at such high LTVs help first-time buyers manage both their deposit and their budget as they move into their first own home.

“We have been offering Joint Borrower Sole Proprietor mortgages since 2016 to enable parents, who already own their home, to help a son or daughter. As we do not have a maximum age at term-end, these mortgages are now an option for all generations within families to back their buyers.”

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