The Leeds Building Society is reducing rates on its 95% loan to value (LTV) mortgages by up to 0.45 percentage points.

The no-fee 3.34% five year fixed rate mortgage, which will launch on 30 August, comes with a free standard valuation and £500 cashback.

Matt Bartle, director of products at the Leeds Building Society, said: “We’re constantly refining and enhancing our mortgage products and work hard to offer a wide range of products that meet the needs of those who are often under served by the wider market.

“This latest deal will assist homebuyers with smaller deposits, so it’s ideally suited to people looking to take the first step onto the property ladder.

“It complements our wider affordable housing range, which includes Help to Buy and shared ownership mortgages, alongside higher-LTV traditional mortgages.

“We have also added a £500 cashback incentive, which is always popular with first time buyers as it can help with some of the unexpected costs which inevitably crop up when you move into your first home.”