Low-start gets lower

The product has a five-year stepped discount, with an initial rate of 3.89 per cent. There are no early redemption penalties, and no arrangement fees. A free remortgage legal service is available and free mortgage payment protection for six months.

Rachel Ramsden, head of marketing at Britannic Money, said: "Our innovative Flexible Start Mortgage is now even more appealing to customers who want an initial low rae coupled with flexible options like a current account.

"It is ideally suited to first time buyers who can now overpay up to 10 per cent of the original loan per annum during the early years, building up a healthy balance and potentially saving thousands in interest payments in the long term."