The Mansfield Building Society has introduced a new two-year discounted rate mortgage up to 95% LTV.

Available across England and Wales, the new product is available for house purchase only on loans up to £250,000 on a capital repayment basis. It has an initial pay rate 3.49% (2.10% below SVR), while fees are £199 on application and £300 for completion.

There is an early Repayment Charge (ERC) of 2%.

The Mansfield’s  underwriting considers the use of personal guarantees, family gifted deposits and up to four applicants on a single mortgage.

Steve Walton, the mutual’s national development executive, said it is keen to do all it can to help meet the real life needs of borrowers challenged by the increasing cost of purchasing an affordable home.

He said: “With recent ONS data showing that the average house increased in value by 7.6% in the 12 months to February 2016 we’re keen to do what we can to provide access to products that help make home ownership a reality.

“This product is competitively priced and benefits from the society’s personal approach which means that all applications are handled on a case-by-case basis.

“The Mansfield has always held first-time buyers in high regard as they are key to a well-balanced housing market. Addressing the availability of housing stock is going to take some time, so we’re launching this product to give brokers and their clients a boost in the meantime.”