Vernon Building Society has come out with a new mortgage aimed at first-time buyers.

The two-year floored discount has an initial rate of 2.35 per cent and charges a £999 fee, which the lender says can be added to the loan.

It can be used to borrow from £150,000 to £350,000 and can be used by homemovers and for remortgages as well as by FTBs.

Vernon head of mortgage and savings distribution Brendan Crowshaw comments: “We know that 90 per cent mortgages are in demand, not just from first-time buyers but also homeowners making that next step or remortgaging, so we’re pleased to support this sector