Leeds Building Society is offering a five-year fixed rate deal for first-time buyers, charged at 4.59% up to a maximum of 95% loan-to-value (LTV). The loan comes with a booking fee of £199 and a completion fee of £5000 for mortgages up to £500,000, or 1% of the loan amount between £500,000 and £750,000.

The deal is available exclusively through mortgage advisers who are members of Legal & General Mortgage Club.

Martyn Smith, head of mortgage products, Legal & General Network said:

“This will help many first-time buyers get on the housing ladder without the need for external help and five years is perfect for budgeting. Our own research shows that desire from first-time buyers to buy is still there, and so the ability to secure a home with only a 5% deposit is great news.”

Phil Coombes, Leeds Building Society’s head of intermediary sales said:

“We are all well aware of the difficulties facing first-time buyers buying a home, in situations where they can afford the mortgage repayments but are unable to provide a large deposit.

“Our 4.59% 5 Year Fixed Rate product, available up to 95% LTV, provides security at an affordable rate and will prove attractive to those clients who are ready to take the first step into home ownership.”