Leeds Building Society is set to cut the rate of its 90% LTV 5-year fix mortgage by 0.20%.
The 2.34% mortgage comes with a free standard valuation and a £999 fee.
Matt Bartle, director of products at Leeds Building Society, said: “We’re constantly refining and enhancing our mortgage products and know that borrowers are increasingly favouring longer term fixed products.
“Current economic and political conditions are leading more people to look at longer term deals to safeguard themselves from potential rate rises in the near future.
“We believe the reduction to our 5-year rate will meet the needs of those who are often under served by the wider market, particularly those with smaller deposits, so it’s ideally suited to people looking to take the first step onto the property ladder.
“It complements our wider affordable housing offering, which includes Help to Buy and Shared Ownership mortgages, alongside higher-LTV traditional mortgages.”
The change will come into effect on 11 October.