TSB is adding a new high LTV mortgage product to its first-time buyer range.

The five-year fixed product is available at 85 per cent or 90 per cent LTV and comes with a rate of 3.79 per cent; £500 cashback is also part of the deal.

In October, the lender withdrew several products in order to reprice, including a five-year fix at 85 per cent LTV with a rate of 2.79 per cent.

The new product will be available in addition to the new suite of products already on offer.

TSB head of mortgages Nick Smith says: “We know that raising a deposit is often the biggest challenge our customers face when buying their first property. With the continued challenging environment, we have introduced a mortgage that will provide more help for our customers to buy their first home.”