Vernon Building Society has brought out a new 95% LTV mortgage.

It comes as a five-year fix with a rate of 2.99% and charges a £699 fee.

The mortgage is available on mortgages ranging from £120,000 to £300,000 on purchases with a minimum value of £125,000.

Vernon head of mortgage and savings distribution Brendan Crowshaw says: “We know that saving a deposit remains an enormous challenge for many of your clients, but it’s not the only barrier to buying.

“All your clients – including those borrowing at 95% LTV – also benefit from Vernon’s common-sense approach to underwriting.

“We’ll take time to really understand the case and, where possible, find a way to say yes.”