The lender has added a 95% LTV 5-year fix at 4.17%, and a 95% LTV 5-year fix at 4.52%.

Both offerings are fee-free, while the latter is available only for shared ownership, which can be used for new build or flats.

The society has warned that it expects to see a high level of demand for the 5% deposit products and advises homebuyers not to delay their applications as the deals may have to be pulled at short notice.

Alex Beavis, head of mortgages at Skipton Building Society, said: “The time is now right for Skipton to once again support first-time buyers who have been able to save a 5% deposit.

“The society is in a strong financial position and this means we can re-enter the 95% market with confidence, focused on delivering on our mutual purpose of enabling homeownership and supporting this most underserved segment of first-time buyers.

“Given the pent-up demand from buyers being unable to access 95% deals over the last year or so, we expect to see high volume levels of applications.”