The Hinckley & Rugby Building Society has reduced the interest rate on its fee-free five-year fixed rate mortgage at up to 95% LTV which comes with £1,000 cashback.
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 £1m.
Carolyn Thornley-Yates (pictured), the Hinckley & Rugby’s head of sales and marketing, 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.