The new product will enable FTBs to settle into their new home with no mortgage repayments due for the first three months, allowing them to manage the extra costs associated with buying and moving into their first property.

The interest will accrue from day one and will be added to the overall mortgage balance.

It will be available up to 95% loan-to-value (LTV) and works with Skipton Income Booster.

A two-year fixed at 90% LTV has a rate of 4.87% while the equivalent five-year has a rate of 4.78%.

A two-year fixed new build at 95% LTV has a rate of 5.40% while the same five-year fixed has a rate of 5.20%.

The launch comes as Skipton’s research reveals that FTBs are spending upwards of £30,000 in the first three months of moving into their new home.

It found that this is causing 63% of FTBs to feel financially strained in those first 3 months, with 71% saying the entire moving process cost a lot more than they expected.

Of those surveyed, 35% were juggling costs for two properties, as rental agreements overlapped with moving in. Meanwhile, 43% found it difficult to line up their move with the end of their lease, with 26% blaming delays in the buying process.

Due to these factors, 61% said the financial blow took the shine off getting on the property ladder, and it took an average of eight months to recover financially.

Skipton head of mortgage products Jen Lloyd says: “Becoming a homeowner should be one of the most exciting milestones in someone’s life, however our research shows that first-time buyers are struggling and feel the cost associated with the move takes the shine off getting onto the property ladder.”

“That’s why today I am pleased to announce the launch of Skipton Delayed Start mortgage, giving first time buyers some breathing space with no mortgage repayments due for the first 3 months.”

“We hope that this product will help first time buyers settle into their new home and help ease the strain of the costs that come with buying first home that go beyond the deposit.”

“At Skipton, we believe in fairness, that’s exactly why we’ve launched our new Delayed Start Mortgage – to give first-time buyers a fair start in their new home, and the breathing space they need in those critical first few months.”