The product which has previously been restricted to properties located in the East of England but has now been opened up to the rest of England and Wales.

The product is fixed at 5.99% until August 2016 before reverting to the mutual’s standard variable rate and is available through both direct and broker channels.

Peter Izard, head of mortgages at Saffron Building Society, said: “We’re delighted to have improved access to our 95% LTV first-time buyer mortgage. This product, which has a competitive rate and no early repayment charges, is the perfect solution for buyers struggling to raise a large deposit.”

Newbury BS also offers a 95% product across England and Wales apart from London through intermediaries.

Clydesdale Bank and Yorkshire Bank offer 95% LTV products through the direct channel, according to Moneyfacts.

Other building societies to offer 95% LTV mortgages includes Newcastle, Ipswich, Cambridge, Melton Mowbray, Mansfield, Furness, Leeds and Hanley Economic, although all are restricted by postcode or available direct-only.