The Co-operative Bank and Britannia boost first-time buyers

The rate has been cut from 6.09% to 5.69%; the mortgage also comes with the added benefit of no arrangement fees.

James Hillon, head of mortgages for The Co-operative Financial Services, said: "We recognise times are still difficult for those looking to get onto the property ladder so the rate reduction on our two year fixed product will provide a welcome boost for first-time buyers."