Chelsea Building Society’s new two year fixed rate mortgage, set at 3.54% is available up to 90% loan-to-value (LTV), which could make it particularly attractive to first-time buyers.

The deal comes with a fee of £1,545. An offset version of the mortgage is available charged at the slightly higher interest rate of 3.74%.

“We’re committed to offering competitive products to borrowers across different LTVs, including home buyers with smaller deposits and homeowners with a smaller share of equity in their properties,” said Chelsea Building Society product manager Sadie Costello.

“For this type of borrower, the short term fix at a market-leading rate gives them the security of knowing what their monthly repayments will be for the next two years to help them better plan their finances for the future.”

Chelsea Building Society also offers a two year fixed rate mortgage at 2.94% available up to 85% LTV, and a five year fixed rate mortgage at 3.84%. Each has a £1,545 fee.