Barclays has introduced two fixed rate stepped mortgages.

The are designed to help reduce the cost of the monthly payments during the first year of the new mortgage, and are available at 90% LTV with no fee.

New homeowners, or those looking to take their next step on the property ladder, can select a three-year term at 3.49% for the first year with 4.19% for the remaining two years, or a five-year term at 3.59% for the first year and 4.19% for the remaining four years.​

Barclays estimates that the three-year product offers customers a £689 saving, while the five-year deal provides a £592 saving.

Andy Gray, managing director of mortgages for Barclays, said: “We know that when moving into a new home, decorating and buying new furniture can be expensive. Our new Stepped Fixed Rate Mortgage is creating greater opportunities for new homeowners to get on the property ladder during 2015, and we hope will help homeowners manage their finances in their first year a little more easily.”