Virgin Money is relaunching a range of 90 per cent loan-to-value mortgages for first-time buyers, but they will not be available on flats, maisonettes or new-build homes.

The products will be available from tomorrow on properties with a maximum purchase value of £400,000 and with the mortgage term capped at 25 years.

First-time buyers looking to borrow with a 10 per cent deposit will have a choice between seven and 10-year fixed rates.

Seven-year fixed rates will be priced at 2.99 per cent with a £995 fee or 3.09 per cent for the fee-free alternative.

Ten-year fixed rates are priced at 3.09 per cent with a £995 fee or 3.19 per cent for the fee-free option.

Head of intermediaries Sarah Green says: “We recognise how challenging the last few months have been for all buyers, including those trying to get onto the property ladder.

“By offering longer term fixed rates along with the Home Buying Coach app, we are giving new borrowers an opportunity to lock their rate in for the medium to longer term, safe from immediate market fluctuations.

“The addition of the Home Buying Coach app means first time buyers also have the have information and guidance to help them take that first and important step onto the property ladder.”