Buckinghamshire Building Society has launched a new first-time buyer mortgage at 95% LTV.

This five-year fixed rate deal has an interest rate of 3.85% and a fee of £350. The maximum loan is £500,000 and up to two applications can apply, both of whom must be first-time buyers. 

The building society is also accepting gifted deposits from parents or grandparents on this product.

Buckinghamshire says standard credit criteria apply, but the underwriting team does not use an auto-decision model but will look at each case individually, using manual credit searches rather than credit scores. It says this can make a significant difference for younger borrowers who may not have an established credit history.

Buckinghamshire BS head of mortgage sales Claire Askham says: “We are confident that the competitive interest rate, fixed for 5 years will make it a popular product for our broker’s clients. We are ready to work with our broker community to process new cases to help their clients secure their first home.”