The West Brom has launched a range of 95 per cent LTV mortgages for first-time buyers and homemovers with small deposits.

The UK’s seventh-largest mutual said from today it will offer a three-year fixed rate of 3.94 per cent at 95 per cent loan to value, with no completion fee.

It also offers a five-year fixed rate of 4.04 per cent at 95 per cent LTV, which also has no completion fee.

Both products have a maximum loan amount of £250,000 and 30-year terms.

The building society says these products are available direct or through intermediaries, and is separate from the government-backed mortgage scheme announced during the 3 March Budget by chancellor Rishi Sunak, which was launched to encourage higher LTV lending.

The lender also launches a new 90 per cent LTV product “to provide more options for buyers with smaller deposits”.

This 90 per cent mortgage has a two-year fixed rate of 3.44 per cent, with no completion fee and £500 cashback.

The lender returned to the 90 per cent mortgage market last month.

West Brom’s head of intermediaries Richard Scott says: “Supporting first-time buyers has been a key focus for the Society for many years. We know that throughout the pandemic options were limited in the higher LTV market, making it more difficult for those with smaller deposits to achieve homeownership.”