Yorkshire BS launches new first-time buyer mortgages

Yorkshire Building Society is launching two new first time buyer mortgages offering a 3 year fixed rate product at 5.84% and a 5 year fixed rate product at 5.99%. Both mortgages are available up to 85% loan to value (LTV) and have free valuation and legal fees, £500 cashback and there are no upfront fees.

When compared to the average 85% LTV rates currently available, Yorkshire's first time buyers will save around £1,800 over the term of the 3 year fixed rate product, and with the 5 year product they would save around £2,800.

Iain Cornish, Chief Executive at the Society said: "As a building society we focus on the traditional values of providing a safe home for members' savings which are used to fund mortgages enabling people to buy their homes. These mortgages are available from all our branches, where our fully qualified mortgage advisers can guide and support first time homeowners through the house buying process.

"We hope that these new mortgages will take some of the financial pressure off first time buyers as they have no fees to pay when they take out the mortgage and we provide £500 cashback when they complete which should come in very handy whether it be put towards stamp duty, removal costs or kitting out a new home.

"We're effectively launching fee-free mortgages for first-time buyers when high mortgage product fees are still very prevalent in the marketplace. This new offer should therefore prove very attractive for buyers looking to get their foot on the property ladder."

For more information, visit ybs.co.uk.