The bank has announced rate cuts on its range of two-year fixed rate products for borrowers with a deposit of 15-25%.

Rates now start at 2.69%, subject to a £495 fee.

This follows a report from chartered surveyors e.surv which found first-time buyers are now occupying a greater share of the mortgage market.

Halifax has also cut rates for home movers. Its two-year fixed rate range for those moving between properties now has rates starting from 2.74%

These products are also targeted at those with less than a 25% deposit and are subject to a £495 fee.

First-time buyers with the bank are also eligible for cashback offers with a £500 bonus available on eligible mortgages until 3 May 2015.

Craig McKinlay, mortgages director at Halifax, said this would help more people onto the housing ladder for the first time.

“Halifax is committed to helping Britain prosper and ensuring we provide competitive products and great service to all our customers,” he said.

“On top of our current £500 cashback offer, these new rates will further support first-time buyers who are trying to buy their first home and home movers who are looking to move up the housing ladder.”