The mortgage, for borrowers with a 5% deposit, has a rate of 4.14% and an £845 product fee.
For first-time buyers looking for a longer term fixed rate, the society has also launched a five-year fixed-rate mortgage at 4.79% with an £845 product fee.
The mortgages were launched today along with further reductions of up to 0.20% on fixed rate and tracker products.
The society has reduced its two-year tracker mortgage, for borrowers with a 35% deposit, by 0.10% to 1.19% with an £845 product fee.
Other mortgages offered by the society include a 1.84% three-year fix at 65% LTV, a 2.49% five-year fix at 75% LTV and a 2.79% two-year fix at 90% LTV; all come with the £845 product fee.
Jemma Anderson, mortgage product manager at Yorkshire Building Society, said: “These rate reductions will offer competitive rates across our mortgage range for borrowers with a 5% deposit.
“We are always looking for ways to help first-time buyers get on to the property ladder and we hope these rate reductions for borrowers with 5% deposits will help many people achieve the dream of owning their first home.”
Offset equivalent products are available at 0.20% higher on all mortgages except at 95% LTV.