The range includes two and five-year fixes and a two-year tracker available for purchases.

The products come with an extended end date of 30 June, to help with the longer completion time-scales for new builds.

Craig Calder, director of mortgages at Barclays, said: “This package of new products and rate reductions is designed to help more hard-working first-time buyers to achieve their ambition of home ownership.”

The bank is also reducing rates on 13 of its three-year, five-year and 10-year fixed and tracker rates on residential mortgages with LTVs ranging from 60% to 90%.

Barclays will be supporting the Help to Buy London scheme, which will launch on 1 February, and has improved its Help to Buy range with two and five-year fixed rates and two-year trackers at 75% LTV.

“The gap between income and house prices is at its widest in London, which is why Barclays is committed to supporting the new ‘London Help to Buy’ initiative and providing other innovative ways to help even more people to afford a home, either in the capital or elsewhere in the UK,” Calder said.