Britannia Building Society is intending to help first-time buyers get their first foot onto the property ladder by launching a new fixed rate mortgage.
The brand new three-year fixed rate mortgage has a headline rate of 4.99 per cent and will be available from today.
There are no administration or arrangement fees for the product, which also offers a free first standard valuation.
Consequently, first-time buyers can save more than £600 in upfront fees, according to Britannia.
Based on a house valued at £125,000, those borrowing more than 90 per cent could save around £2,000 or more due to the fact that there is no higher lending charge on the mortgage.
"It is hard enough for first-time buyers to save for their initial deposit without the additional worry of finding the money to pay for administration costs," said Tim Franklin, managing director of member business at Britannia.
He added: "Britannia's new mortgage is fee free and therefore removes the burden of these costs and higher lending charges from first-time buyers."To read more about First-Time Buyer mortgages, click here.
© Adfero Ltd