Furness Building Society is increasing rates on its 95 per cent mortgages and adding two fixed rate deals at 90 per cent LTV.

Both product ranges are now restricted to first-time buyers purchasing in LA postcodes.

Eligible borrowers can access either a two or five-year fixed deal with rates of 3.69 per cent or 3.89 per cent respectively at 95 per cent LTV.

The 90 per cent LTV deals come with rates of 3.29 per cent for two years and 3.49 per cent for five years.

All of the products are fee free.

Furness BDM Neil Tribick says: “We’re doing everything we can to keep our promise to help our local first-time buyers get on the property ladder. With the lack of high LTV products in the market we’ve had to make some changes to protect our very special proposition. Applications on new build houses with gifted deposits are welcome, together with joint applicant, sole proprietorship solutions available.

“Our teams are working very hard to make sure our service levels remain on track, we’re happy to answer your calls and broker registration and DIPs are all readily available”