The Mortgage Operation is launching a discount mortgage at 4.2 per cent until September 2000 to attract first time buyers.
The mortgage is being funded by Royal Bank of Scotland and offers buyers 100 per cent loan to value.
Borrowers can also add MIG premiums and up to £1,000 of fees to the loan.
Sales and marketing director Frank Butler says: "This mortgage with the ability to add MIG and fees to the 100 per cent loan allows this with no savings to enter the home-owning community without delay."
IFA commission is £50 for loans between £25,000 and £40,000 and £200 for loans in excess of £40,000.