Yorkshire strengthens first time buyer mortgage range
Yorkshire Building Society is strengthening its first time buyer range with the launch of a new member-exclusive mortgage for those with a smaller deposit. The new offering is a 5 year fixed rate at 6.49% available up to 90% loan to value (LTV) with free valuation and legal fees and no upfront fees. The mortgage is available to first time buyers who have either been a Yorkshire member for over 12 months or who have a close family member or friend who has been a Yorkshire member for over 12 months.
The product widens the range currently offered by the Yorkshire to first time buyers who can also choose between a 3 year fixed rate mortgage at 5.84% and a 5 year fixed rate product at 5.99% at up to 85% loan to value (LTV) with free valuation and legal fees, 1% cashback and no upfront fees.
As a building society Yorkshire's focus is on the traditional values of enabling people to buy their homes and providing a safe home for members' savings. The new product is only available to first time buyers who will be fully advised by our qualified mortgage advisers and on a repayment basis only which over a five year period will give borrowers the security of knowing what their mortgage payment will be every month and will help them with their budgeting.
Iain Cornish, Chief Executive at the Society said: "Rewarding our existing members for their loyalty and providing attractive mortgages to help first time buyers get a foot on the property ladder are both very important to us. We considered what would be most important to a new borrower and we hope that this mortgage will take some of the financial pressure off first time buyers as they have no mortgage fees to pay and we pay the valuation and legal fees.
"This new mortgage, along with our existing range, are available from all our branches, where our fully qualified mortgage advisers can guide and support first time homeowners through the house buying process."
Help saving up for the deposit
Helping first time buyers get a foot on the property ladder has long been important to the Society who for a number of years has provided a bespoke savings account for new borrowers. The product is designed to help save for a deposit but also provides £100 cash back if the account holder takes a Yorkshire Building Society mortgage. The account pays an interest rate of 2.05% (gross, p.a.), which includes a bonus payable when the customer is issued with a full mortgage offer.