The product is a two-year fixed-rate mortgage with a rate of 5.99 per cent.
There is no product fee, free valuation report and legal service as well as free buildings and contents insurance for the first 12 months. Borrowers will also get £500 cashback.
Product manager Tom Girling says: “We’ve tried to balance the need to help first time buyers with the need to lend responsibly and designed the new range to provide different ways to help those who are just starting out. We are now lending to people with smaller deposits and waiving many of the fees. This can save around £2,500 which can make such a difference to the amount a borrower can put down as a deposit.”
In May, Yorkshire Building Society launched a new range of direct-only mortgages for first-time buyers.