The specialist bank has also launched a new five-year fixed rate mortgage with no product fee for applications up to 95% LTV.

Aldermore has also reduced rates on its Help to Buy equity loan mortgage range, introducing no product fee options and reiterating its service level commitments for new build applications.

These products are available immediately:

Purchase-only products up to 95% LTV:

• Two-, three- and five-year fixed rates available from 4.98% with a £999 product fee
• two-year fixed rate from 5.18% with no product fee
• new five-year fixed rate at 5.28% with no product fee

Remortgage-only products up to 85% LTV, now available with no upfront fees:

• two-year fixed rate reduced, now 4.98%
• new five-year fixed rate introduced at 5.08%

Help to Buy: equity loan and London Help to Buy scheme (purchase only)

• two-, three- and five-year fixed rates from 3.98 with no product fee
• two-, three- and five-year fixed rates now from 3.78% with a £999 product fee

“We believe that first-time buyers are the lifeblood of the market, our latest research shows that one in three (35%) believe buying their first home will be an extremely difficult process, with raising a deposit their biggest concern,” said Charles McDowell, commercial director of mortgage at Aldermore.

“We recognise that service is critical for all applications, but especially for new-build properties.”

Charles added that it has a dedicated process to ensure that all new-build applications receive an outstanding level of service meaning that it often has new-build offers issued within 48 hours of receiving the full application.

“While there is no quick fix to address the housing crisis, at Aldermore we listen carefully to customers and brokers to ensure our products give first-time buyers the best possible options in a challenging market.

“This is why we are proud to announce reduced rates and new products across our high LTV and Help to Buy mortgage ranges.

“These latest changes will support those with smaller deposits looking to reach the first step on the housing ladder.”