The move, which signalled the lender’s return to low deposit lending, comes just days after it launched a ‘coaching’ app to provide support to first-time buyers during the home purchase process.

Sarah Green, head of intermediaries at Virgin Money, said: “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 new products are available on purchases up to £400,000 with the following rates:

* 7 Year Fixed 90% LTV with £995 fee – 2.99%

* 7 Year Fixed 90% LTV fee saver – 3.09%

* 10 Year Fixed 90% LTV with £995 fee – 3.09%

* 10 Year Fixed 90% LTV fee saver – 3.19%

Home Buying Coach, the new tool designed to simplify the home purchase process includes features such as a tool to calculate what each user can afford over a range of buying timescales.

Users can also access a personalised saving and timeline plan, guidance on every step of the home buying process and links to Virgin Money’s mortgage products suitable for first-time buyers.