The free product fee offer is available on 95% LTV five-year fixed rate mortgages in Afin’s prime range, with a rate of 6.49%, and its professional range, with a rate of 6.34%, for loans up to £500k.

Afin is already offering free legal fees on remortgages in May, saving borrowers £900 on standard legal fees for mortgages under £1 million, rising to an average saving of up to £1,800 for loans between £1 million and £2 million.

Afin Bank national sales director Rob Lankey says: “It’s tough for buyers at the moment, especially with interest rates rising. By removing the product fee on our 95% LTV mortgages we’re aiming to help borrowers free up their cash a bit more, so they could potentially buy their own home with just a 5% deposit.”

“A saving of £1,495 could be particularly helpful for first-time buyers balancing deposit requirements alongside other costs such as legal fees and moving expenses. By choosing a five-year fixed rate, they are also locking in their monthly repayments during a possible period of interest rate volatility.”