It will be offering lower rates to its current members and their families, as well as for any properties being purchased in the county of Buckinghamshire.

Tim Vigeon, head of lending, Buckinghamshire Building Society, said: “As a mutually owned Building Society, we are committed to doing whatever we can to help people get onto the property ladder after what has been an incredibly challenging year.

“Needing just a 5% deposit for a property makes purchasing a home more attainable for many who can sustainably afford a mortgage but have not accumulated a large deposit. Our aim is to help those people to get the support they need, which is ultimately good for our community and our economy as we emerge from the COVID period.

“We are a Buckinghamshire based Society, and our ethos is that of giving back to our members, their families and our local community, so we are delighted to be able to offer these enhanced products with them in mind.

“The Society assesses applications on a case by case basis, our human approach to underwriting means that we credit search rather than credit score applications, so  that we can take a holistic view when reviewing an application rather than relying on a computer based decision.

“We take the time to understand the affordability of the mortgage options so that they are suitable and sustainable for the borrower’s individual circumstances. This product is a great addition to our first-time buyer range and gives us even more options to meet their needs.”

Buckinghamshire Building Society anticipates that the demand for these products will be high and encourages brokers to submit applications for this limited tranche of lending as soon as possible.