Available from Thursday the fix reverts to the Society’s SVR, currently 4.99%, after two years.

Family-assist arrangements are considered, including gifted deposits, guarantors and joint borrower/sole proprietor arrangements and the product is available for home purchases, to both first and second-time buyers.

The Society confirmed that it will consider self-employed applicants on the mortgage which has a £995 fee, which can be added to the loan.

Graham Carter, head of lending at Beverley Building Society, said: “This is the latest example of how we are responding to borrowers’ needs in these challenging and uncertain times.

“We understand that lower-deposit deals remain in short supply, yet they offer an important entry point to the kinds of borrowers who are vital to every house sale chain, and therefore the buoyancy of the market as a whole.”

The maximum loan size is £200k.