The product is available from April 3 at up to 85% LTV and with a fee of £495.
It comes with the Abbey Homebuyer Solution, which offers a free valuation and £250 cashback on completion.
AfI is also launching a three-year fixed rate deal for home buyers at 4.14%, offered with a maximum LTV of 60%, a £994 fee, and the Homebuyer Solution.
The fee on AfI’s two-year tracker at 3.49% has also been cut to £995.
Ricky Okey, managing director at AfI, says: “We are committed to meeting the needs of first-time buyers in today’s difficult market conditions.
“The product also offers our Homebuyer Solution, removing some of the additional costs associated in buying a home.”