Halifax has lowered the rates on its mortgage products aimed at first-time buyers.

The changes apply to its two-year 85-90% LTV first-time buyer mortgage, which has been cut by 0.30 percentage points, with the two-year deal now at 3.44% and the five-year at 3.99%.

The New Build first time buyer 85-90% has been reduced by 0.30 percentage points to 3.79% and the 80-90% affordable housing Shared Equity Shared Ownership first time buyer product, reduced by 0.30 percentage points to 3.84%.

Chris Gowland, mortgages director at Halifax, said: “We are committed to supporting one in four first-time buyer mortgages and helping those looking to get on to the properly ladder take that first step.

“Our latest Generation Rent report showed that although many first-time buyers are later onto the ladder, by providing competitive products and excellent service we can help make their dream of home ownership a reality.”

Halifax recently launched a separate £750 cashback offer to reward eligible homeowners moving their mortgage from another lender. The £750 will be made automatically on completion, sent to the conveyancer with the completion funds. Halifax will also pay standard valuation cost and basic legal fees, helping customers save an average of £300.