The products, available for purchase and remortgage, are part of a range which also includes two and five-year fixed rate residential mortgages with 75% LTVs.

Dan Goulding, product development manager for the building society, explained how it wanted to support first-time buyers get on the property ladder as well as others.

He said:  “We want to assist new and existing members the best we possibly can during these challenging times.

“We know from broker feedback, that the lockdown has provided people with more time to think about their living arrangements, and we feel this extended range will help first-time buyers and also people who already have a mortgage.”

Product details

The Newport-based building society said it is offering a two-year fixed rate residential purchase mortgage at 2.79% with a maximum LTV of 90%.

One free standard valuation is included up to £1 million, along with no product fee.

The product comes with an Early Repayment Charge (ERC) of 3% and is available for house purchase throughout England and Wales, with a minimum loan size of £40,000 and maximum loan size of £750,000.

Meanwhile, for new members wishing to secure a long-term mortgage rate Monmouthshire has a five-year year fixed rate residential purchase mortgage at 2.99% with a maximum LTV of 90%.

It comes with one free standard valuation up to £1 million, along with no product fee. During the fixed rate period an ERC of 5% within the first year will be charged, then 4% second year, 3% third year and 2% for the final two years.

The product is available for house purchase throughout England and Wales, with a minimum loan size of £40,000 and maximum loan size of £750,000.