The Co-operative Bank and Britannia have launched a two-year fixed rate mortgage aimed at first time buyers.

The deal, available at 90% loan to value (LTV), is priced at 5.09% with an application fee of £999 or 6.09% with no fee.

James Hillon, head of mortgages for The Co-operative Financial Services, said: “We are keen to continue to help support mortgage customers and the introduction of the new two year products provides a welcome boost for first time buyers and home movers.