The mutual has reduced rates on several products, including Income Flex and Ltd Company Buy-to-Let mortgages.

These latest reductions come hot on the heels of an initial round of rate cuts of up to 0.7% across the society’s range during the final week of April.

The mutual has also launched two new five-year fixed-rate specialist products at competitive rates. They are a 95% LTV five-year fixed-rate Flex Together (JBSP) mortgage at 5.99%, and a 90% LTV five-year fixed-rate Income Flex mortgage, also at 5.99%.

Both of these income-boosting products are aimed at addressing consumer uncertainty and affordability, with five-year fixed-rate products not being stress-tested as high as the two-year products they are replacing.

Hinkley & Rugby’s head of mortgage sales Laura Sneddon commented: “At a time when landlords are also struggling to meet minimum rental requirements due to high interest rates, lowering the rates of our five-year fixed Ltd company products offers a real boost in terms of affordability. Driving down rates at this very challenging time for all homebuyers is essential, and we are proud to be very-much leading the way on this.”