The Yorkshire Building Society has launched a 4.49% mortgage for borrowers with a 5% deposit.

It comes with an £845 product fee.

The society’s new range, which has undergone rate reductions of up to 0.35 percentage points, continues to offer the 1.29% two-year fixed rate for customers with a 35% deposit, as well as featuring a new two-year 1.59% fixed rate mortgage with a £345 product fee, which is also for customers with a 65% loan-to-value.

The new 75% LTV range includes a two-year 1.54% fixed rate with a £845 product fee and a three-year 2.24% fixed rate with a £845 product fee.

“As a mutual society with customer-centred values, offering our members competitive mortgages with a high level of customer service is important to us,” said Jemma Anderson, mortgage product manager at Yorkshire Building Society.

“We’re very proud to be able to offer customers with a 35% deposit a 1.29% rate with a competitive product fee and believe these new rate reductions across the range will prove popular with a wide range of borrowers, with the 95% reductions helping more first-time buyers take that crucial initial step on to the property ladder.”