First time buyers get helping hand from Yorkshire

Yorkshire Building Society has come to the rescue of first time buyers by announcing a decision to lend up to 90% of a property's value.

Good news for those with only a 10% deposit, the First Time Buyer exclusive 2 year fixed rate product at 5.99% has a number of great incentives, including:

£500 cashback
No product fee
Free valuation report
Free legal service
Free buildings and contents insurance for the first 12 months

For anyone looking to set foot on the property ladder, the recent emergency budget might well provide a reason to act without further delay. VAT increases on furniture, white goods and home entertainment products, such as TVs, will take effect on 4 January 2010.

Tom Girling, Mortgage Product Manager, said: "We've tried to balance the need to help first time buyers with the need to lend responsibly and designed the new range to provide different ways to help those who are just starting out. We are now lending to people with smaller deposits and waiving many of the fees. This can save around £2,500* which can make such a difference to the amount a borrower can put down as a deposit."

As this new product is exclusively for first time buyers they are only available in the Yorkshire's branches. Novice buyers will have the opportunity to speak with fully qualified mortgage advisors to help and guide them through the complexities of the home buying process.

This product is part of a range of products available for anyone wishing to borrow up to 90% of the value of their home.