The Yorkshire Building Society is cutting rates on its two-year fixed rate mortgage at 95% LTV.

The deal has a rate of 4.14% and an £845 product fee.

For first-time buyers looking for a longer term fixed rate, the mutual is also launching a five-year fixed rate mortgage at 4.79% with an £845 product fee.

There are also further reductions of up to 0.20 percentage points on fixed rate and tracker products.

The Society has reduced its two-year tracker mortgage, for borrowers with a 35% deposit, by 0.10 percentage points to 1.19% with an £845 product fee.

Other deals include:

• 1.84% three-year fixed rate mortgage at 65% loan-to-value (LTV) with an £845 product fee
• 2.49% five-year fixed rate mortgage at 75% LTV with an £845 product fee
• 2.79% two-year fixed rate mortgage at 90% LTV with an £845 product fee

Jemma Anderson, mortgage product manager at Yorkshire Building Society, said: “As a mutual society with no external shareholders, we strive to help first time buyers get on the property ladder. These rate reductions will offer competitive rates across our mortgage range for borrowers with a 5% deposit.

“We are always looking for ways to help first time buyers get on to the property ladder and we hope these rate reductions for borrowers with 5% deposits will help many people achieve the dream of owning their first home.”

Offset equivalent products are available at 0.20 percentage points higher on all mortgages except at 95% LTV.