However, the mutual cautioned it would see a high level of demand for the products and said homebuyers should not delay in submitting applications as they may be withdrawn at short notice.
The first mortgage is a fee-free five-year fix at 4.17 per cent and it is not available on new-build properties or flats.
There is also a shared ownership product which is fee-free and also fixed for five years. This has a rate of 4.52 per cent and can be used on new-builds or flats.
No furlough income will be allowed and the income multiple is 4.49. The maximum loan available will be £450,000.
Alex Beavis (pictured), head of mortgages at Skipton Building Society, said: “The time is now right for Skipton to once again support first-time buyers who have been able to save a five per cent deposit.
“The society is in a strong financial position and this means we can re-enter the 95 per cent market with confidence, focused on delivering on our mutual purpose of enabling homeownership and supporting this most underserved segment of first-time buyers.
“Given the pent-up demand from buyers being unable to access 95 per cent deals over the last year or so, we expect to see high volume levels of applications,” he added.
