FURNESS Building Society is reaching out to first time buyers by launching two 90 per cent mortgage products.

The two new deals are designed to be suitable for first-time buyers, as well as those with a 10 per cent deposit, and run for two and three years respectively. They carry a pay rate of 1.9 per cent over two years and 2.45 per cent over three and are available for both purchases and remortgages.

Sue Heron, the society’s marketing and sales director, said: “We are delighted with the launch of these new products which we feel will especially appeal to those looking to get on that first step of the property ladder."

The product launches come as a report found the UK housing market proved resilient in the first month after the Brexit vote despite a slowdown for commercial property.

Data from HM Revenue and Customs showed the number of residential transactions slipped 0.9% month-on-month to 94,550 in July compared to 95,430 in June.

The buying and selling of commercial buildings came under pressure, dropping 7.5% month-on-month to 9,820 in July, down from 10,620 the month before.