Mansfield Building Society has launched a five-year fixed rate mortgage at 4.25%, for borrowers with just a five per cent deposit – and the deal comes with no fees.

The mortgage from the mutual is available to purchasers requiring a mortgage up to 95% of the property’s value, with remortgages also available on mortgages up to 90% LTV.

The mutual has also introduced a range of two and three-year products with completion fees from £300. All products come with a free basic valuation and free legal fees are available for those remortgaging.

The new products include a three-year discounted rate at 3.49% variable up to 95% LTV (house purchase only), two-year fixed rate at 2.89% up to 90% LTV, and a two-year discounted rate at 2.15% variable up to 80% LTV.

National development manager, Steve Walton, said the move is a bid to strengthen its offering for high LTV borrowers, especially first-time buyers.