Yorkshire Building Society is extending the maximum loan-to-value on its recently-launched Drop Lock mortgage range from 75% to 90%.
The society launched the fee-free switch range last week and says it is now increasing the options within it.
From June 17, customers will be able to access a tracker product at 3.99% with a product fee of £495, available up to 90% LTV.
Chris Smith, group direct product manager at the Yorkshire, says: “We have decided to introduce this lower deposit option as we believe it will help more people get on the property ladder, as well as offering those currently on a variable rate the opportunity to change to a more flexible option.”
He says the product gives borrowers the benefit of a low rate with the security of being able to switch to a fixed rate at any time without incurring any charges.