TSB has launched a number of new 95 per cent loan-to-value deals for first-time buyers and other house purchases.

Rates start at 4.04 per cent for a five-year fixed rate with a £995 fee and £500 cashback.

It is also offering fee-free alternative at 4.24 per cent, which also comes with £500 cashback.

In its 95 per cent LTV range, the lender has also launched a number of “stepped down” products where the rate decreases as in each year of the initial deal period, as well as several five-year fixed rates with a three-year early repayment charge and 10-year fixed rates with a five-year ERC.

These include a five-year fixed at 4.24 per cent with a £995 fee and £500 cashback, with an ERC that ends in 2024.

A fee-free alternative at 4.44 per cent also comes with £500 cashback and a three-year ERC.

Its 10-year option is a fixed rate at 4.54 per cent with no fee and £500 cashback, which borrowers can leave penalty-free after five years.

Its “stepped down” product at 95 per cent LTV starts at 4.44 per cent with no fee and £500 cashback, dropping to 4.34 per cent in year two, 4.24 per cent in year three and then 4.09 per cent in the final year.

The mortgages are not available to self-employed borrowers or day-rate contractors.

For borrowers with an income of £40,000 or less, the maximum income multiple is 4.25x.