A new mortgage offer is being launched by lenders that will only be available for a limited period in a bid to encourage borrowers to take advantage of the deals.

Santander is launching two mortgage offers on Friday through its network of mortgage brokers, but it will only be available for a week.

The deal includes a best buy two year fixed rate mortgage at 2.89 per cent, which is available up to 75 per cent loan-to-value and comes with a £995 fee.

It is also offering a two year tracker with a pay rate of 1.99 per cent  - bank base rate plus 1.49 per cent - available for those with a deposit of 30 per cent or more. Both deals have a maximum loan size of £1million.

Aaron Strutt of mortgage broker Trinity Financial Group believes that by offering deals with a set date borrowers will have to make their mind up quicker and opt for the deal - which is what lenders want.

He said: "Santander's rates are very competitive and it makes sense to switch it to the tracker from a lender with an averagely priced standard variable rate."