Coventry Building Society will launch on Tuesday 7 June an ERC free, five-year fixed rate mortgage at 90% LTV aimed at first time buyers.

The mutual believes the deal is unique in the first time buyer market as most deals are limited to two years.

Priced at 5.99%, the deal comes with a £199 booking fee and no arrangement fee.

A valuation up to £670 is included.

Colin Franklin , sales and marketing director at the Coventry, said: “With uncertainty over when interest rates will move and by how much