Fixed rate mortgages exclusively for first time buyers

Yorkshire Building Society has recently launched a comprehensive range of fixed rate mortgages exclusively for first time buyers.

The range is designed to offer choice and minimise the costs of taking out a mortgage for new borrowers by offering free valuation and legal fees, £500 cashback and no upfront fees to pay. The products available are:

2 year fixed rate from 5.39% (up to 85% LTV)
3 year fixed rate from 5.69% (up to 85% LTV)
5 year fixed rate from 5.89% (up to 85% LTV)
Offset versions are also available with 0.10% added to the rate.

In addition, Yorkshire offers a  member-exclusive mortgage available for those with a smaller deposit which 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. Full details of all products can be found in the Appendix.

Tom Girling, Product Manager for Mortgages, at the Society said: "With signs of increased activity in the first time buyer market*, we wanted to make sure that we had a really comprehensive range of mortgages for those people looking to take their first step on the property ladder. First time buyers who come to the Yorkshire have a choice of fixed rates, which provide assurance that payments will not go up should interest rates rise during their deal term."

"All our full first time buyer mortgages are available from our high street branches, where fully qualified mortgage advisers can guide and support first time homeowners through the house buying process. We aim to make home buying as stress-free and affordable as it can be and we'll even help the buyer to find a solicitor."

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 first time buyer savings account is designed to help future homeowners save for a deposit and provides £100 cash back if they choose 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.