The Yorkshire Building Society has launched two new mortgages exclusively for people taking their first step on the property ladder.

The society is introducting the new fee-free mortgages at 90% loan to value (LTV).

Both mortgages come with free standard valuation and £1,000 cashback.

The Yorkshire’s two-year fixed rate mortgage for first-time buyers comes with a rate of 3.54%, while those looking for a longer term deal can choose a five-year fixed rate of 3.64%.

Borrowers with smaller deposits will also benefit from a number of other improved mortgages announced by Yorkshire Building Society.

Highlights include:

• Two-year fixed rate mortgage at 3.10%, which comes with a £995 completion fee and free standard valuation
• Two-year fixed rate mortgage at 3.39%, which comes with a £495 completion fee, free standard valuation and £750 cashback

Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “First-time buyers are the lifeblood of the housing market and we’re committed to supporting them to help people realise their homeownership ambitions.

“These new mortgages have been designed for first-time buyers looking for low upfront costs and who would value £1,000 cashback. Buying your first house is a thrilling but expensive milestone, so we’ve included a significant cashback on completion incentive to help people make their first house a home.

“We’ve also made changes to benefit all borrowers requiring 90% LTV, and are offering a number of competitive rates, incentives and completion fees to give people more options and allow them to tailor their mortgage to meet their needs.”