Santander is launching a new two-year fixed Homebuyer product at 90% LTV, with a 5.29% and £495 fee.

It comes with Santander’s Homebuyer Solution which offers a free basic mortgage valuation and £250 cash-back on completion.

The new deal is available exclusively to Santander First Home Saver customers for a limited period only. First-time buyers must be a Santander First Home Saver account customer. The account, which pays 5% is open to non-homeowners aged 16-35 years. Customers will need to deposit between £100 and £300 each month by standing order and can pay in up to £5,000 as an opening deposit.

Phil Cliff, director of Santander Mortgages said: “As one of the UK’s largest lenders we recognise the importance of supporting the first-time buyer market