Designed to particularly appeal to first-time buyers the mortgages are only available for homes in the region being sold by the housebuilders Barratt, Bellway, Linden Homes and Miller Homes.
The 2-year discounted mortgage has an initial interest rate of 4.99% a discount of 0.65% off SVR. The overall cost for comparison is 5.8% APR. The arrangement fee is £399 and the completion fee £695.
The society is offering the mortgages to help first-time buyers without compromising its cautious lending approach because the value of the mortgage above 80% LTV is insured by premiums paid by the housebuilder.
Hinckley & Rugby chief executive Chris White said: “This is a partnership approach to enabling first-time buyers in particular to be able to buy new homes from developers in the Midlands. We hope to help more people buy their first homes.”
