Rates begin at 2.89 per cent although there is an early repayment penalty within the first five years.
Rachel Ramsden, head of marketing at Britannic Money, said: "Our Flexible Start Mortgage is ideal for those customers such as first-time buyers who need an initial low rate but also want the option to use more flexible features as their priorities and circumstances change."
The lender is also offering mortgage payment protection insurance (MPPI) free to all new customers for the first six months of their mortgage.
Ramsden said: "As a lender we have successfully educated customers on how to manage their finances more effectively. Sales of flexible mortgages have soared in recent years. Our predictions show that by 2005, 55 per cent of all new mortgages will be flexible."
