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Bovis Homes has joined up with Barclays to launch an innovative type of high loan-to-value mortgage.

The scheme, which is largely aimed at first-time buyers, is made possible by the housebuilder鈥檚 provision of mortgage indemnity guarantee to Barclays.

The bank will offer 90% mortgages to purchasers of Bovis homes through Barclays鈥� mortgage arm Woolwich.

Borrowers will pay an initial fixed interest rate of 4.99% for two years and then move onto a lifetime tracker at base rate plus 2.49% 鈥� equivalent to 2.99% at current bank base rate.

Barclays said the deal represented 鈥渢he most competitive price for high loan to value mortgages since the housing market downturn鈥�.

Named Perfect 10, the mortgage product includes free unemployment protection and 拢500 towards buyer鈥檚 legal fees.

The guarantee given by Bovis Homes to Barclays provides the bank with a capped insurance cover over seven years for actual losses incurred by the bank as a result of a mortgage repossession.

A claim can only be made where an actual loss has been incurred by Barclays through a mortgage repossession. According to the Council of Mortgage Lenders, annual repossessions are at 0.4% of outstanding mortgages.

David Ritchie, chief executive of Bovis Homes, said: 鈥淲orking with Barclays, we have agreed The Perfect 10 mortgage package, which allows our customers to borrow up to 90% of the value of their new Bovis Home at a very attractive fixed interest rate.

鈥淲e are also convinced that The Perfect 10 will allow us to reduce use of capital-hungry shared equity-style products, such as our own Jumpstart scheme, thus releasing more cash into the business for further investment. We believe this innovative new product will contribute positively to the delivery of the group鈥檚 sales targets for 2010 and beyond.鈥�