Hinckley & Rugby Building Society has reduced rates on products which are focused at first-time buyers.

The offerings which have been reduced are the 95 per cent LTV three-year fix from 3.24 per cent to 2.88 per cent. ERCs for this deal decline from 3 per cent to 1 per cent.

The 95 per cent LTV two-year fixed joint borrower sole proprietor product has also been cut, from 3.49 per cent to 3.29 per cent. This offering has tiered ERCs from 2 per cent to 1 per cent.

Additionally, the 95 per cent LTV five-year fixed rate joint borrower sole proprietor deal has been reduced from 3.89 per cent to 3.69 per cent. This offering has tiered ERCs from 5 per cent to 1 per cent.

All three of the mortgage products do not include fees, says the lender.

Hinckley & Rugby head of sales and marketing Carolyn Thornley-Yates said: “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.”