Interest rates on the range start from 1.34%, with products including two-year, five-year and ten-year fixed rates, as well as fix and flex products available on five‒ and ten-year terms.

When the fixed terms finish, borrowers will move onto a follow-on rate tracking at 2.49% above base rate, instead of the lender’s current variable rate of 3.59%.

The range also includes a five-year fixed stepped down product. The rate will start from 2.54%, depending on the loan-to-value of the deal, and will drop four times over five years meaning that borrowers see their mortgage repayments fall. At the end of the five-year term, the borrower will then move onto the lower follow-on rate, tracking at 2.49% above base rate.

As a result of the lower follow-on rate, TSB says it is stress testing first-time buyer applications at a lower rate of 5.6% instead of the usual 6.6%, which it argued will help more would-be homeowners purchase their first property.

Nick Smith, head of mortgages at TSB, commented: “We know that buying your first home can be difficult and we want to do more to help first-time buyers get on the property ladder. That’s why we’re introducing this new suite of mortgage products giving customers money confidence to search for their first home.”