The mutual has reduced rates by up to 0.35% for borrowers with a 5% deposit.

Its two-year fixed rate mortgage at 95% loan-to-value is available at a rate of 4.14%, with £845 product fee.

Norwich & Peterborough said borrowers looking to avoid any product fees could take advantage of a fee-free 4.34% two-year fix.

This product also includes free standard valuation and £250 cashback on completion.

For those looking to fix for longer a five-year fixed option is on offer at 4.79% with an £845 product fee or fee-free at 4.99%.

Richard Barker, mortgage product manager at Norwich & Peterborough, said: “As a mutual organisation, we pride ourselves on helping customers own their own home for the first time.

“These 95% LTV mortgages will give people with smaller deposits value for money while securing a competitive rate. The option of added incentives helps to keep down initial costs of buying your first home.”