Clydesdale and Yorkshire Banks have unveiled new lower fixed rate mortgages.

First time buyers can now apply for a three-year fixed rate of 5.49% at 95% LTV. They can also take advantage of a free valuation and no arrangement fee.

The banks have also introduced a three-year fixed rate of 4.49% on 90% LTV mortgages with no arrangement fee.

The new lower rate is available to all customers for purchases and remortgages subject to normal criteria.

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, said: “We remain committed to supporting first time buyers and as well as continuing to be one of the few banks to offer 95% LTV mortgages we have also lowered our mortgage rates to support our customers in owning their first home.

“Many people are now opting for fixed rate mortgages so they will know exactly how much their mortgage payments will be on a monthly basis and we have also introduced a lower rate for those taking a 90% LTV mortgage.”