Clydesdale and Yorkshire Banks have launched a fee free mortgage offer for first time buyers.

The banks claims the offer will mean a saving of £599 for those taking a 95% or 90% loan-to-value mortgage.

They have also reduced their rates for first time buyer mortgages to 5.99% for a 95% loan-to-value mortgage and 4.99% for a 90% mortgage.

In addition, the fee free first time buyer mortgages are available with Clydesdale and Yorkshire Banks’ insurance with a 5% introductory discount and two year no claims discount of 10%. There are no valuation fees when using the banks’ appointed panel of valuers.

The banks currently offer a three year rate fixed at 5.99% for buyers with a 5% deposit and a three year fixed rate at 4.99% for buyers with a 10% deposit.

Steve Reid, retail director for Clydesdale Bank, said: “We understand how difficult buying a new home can be and we hope that our fee free offer and new rates will help even more potential buyers take their first step onto the property ladder.”