Yorkshire introduces 90% LTV drop lock mortgage

Yorkshire Building Society has announced it is increasing the options within its Drop Lock mortgage range which was launched last week.

From Friday 17 June, customers will now be able to borrow up to 90 per cent loan to value with an excellent tracker rate of 3.99 per cent, and a low product fee of £495.

Once again, this gives customers the opportunity to take advantage of competitive tracker rates with the option of fixing at any stage. This, coupled with the bonus of borrowing up to 90 per cent, will be of particular interest for those with a limited deposit.

Chris Smith, Group Direct Product Manager from the Yorkshire explained; "We have decided to introduce this lower deposit option as we believe it will help more people get on the property ladder, as well as offering those currently on a variable rate the opportunity to change to a more flexible option.

"By taking our Drop Lock, customers can take advantage of an excellent lower tracker rate of 3.99 per cent while having the security to move to a fixed rate at any time."

Chris stressed that this type of product could give customers peace of mind when purchasing a mortgage in an uncertain interest rate climate, adding; "If a customer is undecided between a tracker rate and a fixed rate mortgage - this new Drop Lock option gives them much more freedom when choosing a mortgage.

"The Yorkshire offers Drop Lock tracker options at 75, and now 90 per cent loan to value.

"Additionally, those who opt for the Drop Lock mortgage don't have to pay anything further should they change to one of our fee-free fixed rate products during their tracker term, giving extra benefits to customers."