Yorkshire launches a second version of its unique divorce mortgage
3 August 2005
Following the successful launch of Yorkshire Building Society’s Fresh Start mortgage, the Society has developed a second version for individuals who do not need the 100% loan to value facility.

The new product is available up to 95% loan to value and still provides 0% interest for the first six months. It will then be followed by a fixed rate of just 5.09% until 31st December 2010, giving a competitive average five year rate of 4.58%.

Other benefits of Fresh Start remain, including:

Access to free counselling service
Free independently written advice guide
Referral to Family Law practitioner, if required
Referral to adviser for financial review, including maintenance payment protection, if required
Flexibility, portability and daily interest calculations on the mortgage
No application fee and completion fee of £395 — lower than many standard fees
Annual overpayments up to 10% of original loan permitted without charge
No extended tie-ins beyond the fixed rate period — early repayment charges are applicable if the loan is fully redeemed within this period

Rachel Court, Head of Mortgages at Yorkshire Building Society said "We have been delighted with the launch of Fresh Start which is already proving popular with many borrowers.

"We have however had feedback from both customers and industry specialists indicating that a version aimed at those who have money to put down as a deposit would be desirable, and the new version of Fresh Start has been designed to meet that need".

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