The Hinckley & Rugby Building Society is offering first time buyers a mortgage for new build homes in the Midlands at up to 95% LTV.
The mortgages are only available for homes in the region being sold by the housebuilders Barratt, Bellway, Linden Homes and Miller Homes.
The two year discounted mortgage has an initial interest rate of 4.99%, a discount of 0.65 percentage points off SVR.
The arrangement fee is £399 and the completion fee £695.
The value of the mortgage above 80 per cent LTV is insured by premiums paid by the housebuilder.
Hinckley & Rugby chief executive Chris White said: “This is a partnership approach to enabling first time buyers in particular to be able to buy new homes from developers in the Midlands. We hope to help more people buy their first homes.”