Interest rates automatically reduce over time when borrowers move into lower LTV bands.

It will also accept applications for capital raising where the applicant has sufficient equity in an existing property.

The lender is also reducing rates across its residential range by up to 0.25%.

Six in every hundred state pensioners are being underpaid.

Annual data shows that the number of affordable homes being started in London last year was the second lowest on record.

One in ten people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency.

The reduction allows applicants to borrow on average £28,000 more.

The product combines elements of both interest-only and capital and interest.

The lender has cut two-year fixed rates at 90% and 95% LTV.

Will Rice is remaining with the lender in a non-executive role.