The cuts are across both fixed and variable options and the increase in LTV for JBSP products is from 80% to 90%.

Tim Vigeon, head of lending at Buckinghamshire Building Society, said: “We pride ourselves on supporting people to own a home of their own and we are determined to do whatever we can to help first-time buyers join the property ladder.

“These significant changes to our product offering provides people with better value and more flexibility.

“This, coupled with our human approach to underwriting, will ensure we are able to consider applications on a case by case basis, with the aim of a positive outcome.

“We work closely with our Broker network and feedback has allowed us to evaluate and continuously improve the products we offer.”