The offering is a 90% LTV 2-year fix at 2.35% and comes with a £999 fee, which can be added to the loan.

The product is available on mortgages between £150,000 and £350,000, directly or through mortgage brokers.

The discounted rate is a 2.85% reduction on the society’s Standard Variable Rate of 5.2% with a floor of 2.35%.

Early repayment charges (ERCs) apply for the 2-year discounted period.

Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “We know that 90% mortgages are in demand, not just from first-time buyers but also homeowners making that next step or remortgaging, so we’re pleased to support this sector.

“Our new 90% discounted mortgage has a low interest rate of 2.35% and borrowers can apply for the mortgage over the phone, in branch or via a mortgage broker.”