Deep discount from Britannic Money

The mortgage has an initial rate of 3.89 per cent and is available with either free remortgage legal advice and £200 cashback or no free remortgage legal advice and £350 cashback.

Rachel Ramsden, head of marketing at Britannic Money, said: "Our Flexible Start Mortgage just keeps getting better and better. Not only do we have the most competitive 5 year stepped discount mortgage available but the removal of the high lending fee means that borrowers will save even more".

The removal of the higher lending fee means that a customer borrowing 95 per cent on a £100,000 property will save £1,600.

Ramsden said: "This is particularly good news for first time buyers, as at a time when they are faced with endless bills, on top of the cost of setting up home – any savings offer a welcome reprieve."