Nationwide is now lending at up to 90 per cent LTV for first-time buyers.

It says that this is down to the government’s recent announcement on stamp duty along with the lifting of lockdown restrictions.

The lender adds that the products, the details of which are yet to be released, will be available from Monday 20 July.

Nationwide director of mortgages Henry Jordan says: “FTBs are vital to breathing life into the housing market and economy. We understand one of the biggest barriers to homeownership is raising a deposit. As a building society, owned by our members, we are extremely well placed to look at ways of helping people into a home of their own.

“While we will continue to monitor the market carefully, we feel it is the right time to enhance our lending, initially to those looking for their first home. We welcome the government’s announcement on stamp duty and hope our combined changes create a positive impact on a market that, despite being in relatively good health, is still recovering.”