Accord has launched two new mortgages at 95% of the property’s value, for first-time buyers and remortgagers with the lowest deposits of just 5%.

The broker-only arm of Yorkshire Building Society has launched a five-year fixed rate up to 95% loan to value at 5.10%, aimed at first-time buyers. The house purchase mortgage comes with a £495 product fee, £750 cashback and a free standard valuation.

For remortgagers, there’s also a five-year fix to 95% loan to value, at 5.32%, with £250 cashback, free standard valuation and remortgage legal service, and a £495 product fee.

Those with a 10% deposit can access a five-year fix to 90% loan to value at 4.85%, with a £495 product fee, free standard valuation and £500 cashback, available for home purchase.

And, for borrowers needing larger loans of up to £2 million, there’s a two-year fix to 85% LTV at 5.16%, which comes with £500 cashback, a product fee of £995 and free standard valuation.

Accord mortgage product manager, Gemma Hyland said: “Helping first-time buyers has been a major focus for us in recent years, as we understand the challenges they face in getting a footing on the housing ladder and, ultimately, they are the engine room of the market – fuelling activity further up the sale and purchase chain.

“For remortgagers who also only have a 5% deposit, there are very few product options out there, and we realised this is a gap we can fill, hence our decision to include a new option in this range.

“We’ve also been seeing more applications from people needing loans of up to £2million, perhaps as a result of increasing house price trends, which our new two-year, higher-loan product is designed to cater for.”