Clydesdale and Yorkshire committed to helping first time buyers

For those hoping to take their first step onto the property ladder in 2011, Clydesdale and Yorkshire Banks have some good news.

The Banks remain committed to supporting first time buyers and are among only a handful of lenders still offering a 95% mortgage to those looking to buy their first home.

New figures from the banks have revealed that 13% of all approved mortgages in 2010 were for first time buyers with the average price of a first home being £121,717.

Clydesdale and Yorkshire Banks are offering first time buyers a 95% loan to value mortgage.

The mortgage is fixed for three years at an initial rate of 6.99% before moving to the standard variable rate after this period.

There is an arrangement fee of £599 and the bank will pay for one home valuation.

Based on the Clydesdale and Yorkshire Banks' average price of a first home in the UK as £121,717 customers would require a deposit of £6,085.85 with 95% Loan To Value (LTV) or £12,171.7 with 90% LTV.

Steve Reid, Retail Director for Clydesdale Bank, said: "We understand how difficult it can be to buy your first home and we want to support customers throughout the process and help them take their first step on the property ladder.

"As you would expect, we have a prudent decision making process that has allowed us to continue to offer mortgages up to 95% LTV for first time buyers.  This is part of our commitment to offering a wide range of competitive products to both new and existing customers."

For more information on the wide range of mortgages offered by Clydesdale and Yorkshire Banks, visit cbonline.co.uk  / ybonline.co.uk.