The 5-year fixed rate mortgage has seen its rate drop by 3.29% to 3.10%.
Hinckley & Rugby Building Society has cut the interest rate on its fee-free 5-year fixed rate mortgage at up to 95% LTV.
The charging rate for the fixed period has been reduced from 3.29% to 3.10%.
It comes with a free valuation for properties valued up to £1m, £1,000 cashback and no application or completion fees.
Carolyn Thornley-Yates (pictured), head of sales and marketing, Hinckley & Rugby, said: “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.”
There are ERCs, stepping down from 5% in year one to 1% in year five.
The minimum advance is £150,000.
