"We know that buying your first home can be difficult and we want to do more to help first-time buyers get on the property ladder."
TSB has launched a new mortgage range for first-time buyers, with a maximum LTV of 85% and a lower follow-on tracker rate.
Rates start from 1.34% and the range includes two, five and ten-year fixed rates, as well as five and ten-year Fix and Flex products.
The range also includes a new five-year fixed stepped down product just for first-time buyers. Stepped down rates will start from 2.54% (depending on LTV) and will reduce four times over five years so the customer will see a decrease in their mortgage payments.
Following the end of the fixed term, borrowers will move onto a lower follow-on tracker rate of 2.49% above base rate - currently 2.59% - instead of the current TSB variable rate of 3.59%.
As a result, first-time buyer applications will be stressed at a lower rate of 5.6% instead of 6.6% as a result of the lower follow-on tracker rate.
Nick Smith, TSB’s head of mortgages, said: “We know that buying your first home can be difficult and we want to do more to help first-time buyers get on the property ladder.
"That’s why we’re introducing this new suite of mortgage products giving customers money confidence to search for their first home.”