The Skipton Building Society has launched two new deals as it  re-enters the 95% mortgage market.

The products, which are only available to first time buyers, are a fee free standard five-year fix at 4.17% and a fee-free shared ownership five-year fix at 4.52%.

Only the shared ownership product can be used for new build or flats.

The mutual has warned that it expects to see a high level of demand for the 5% deposit products and advises homebuyers not to delay their applications as the deals may have to be pulled at short notice.

Alex Beavis (pictured), the Skipton’s head of mortgages, said: “The time is now right for Skipton to once again support first-time buyers who have been able to save a 5% deposit.

“The society is in a strong financial position and this means we can re-enter the 95% market with confidence, focused on delivering on our mutual purpose of enabling homeownership and supporting this most underserved segment of first-time buyers.

“Given the pent-up demand from buyers being unable to access 95% deals over the last year or so, we expect to see high volume levels of applications.”