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The new offering is a five year fixed rate at 6.49 per cent available up to 90 per cent 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 three year fixed rate mortgage at 5.84 per cent and a five year fixed rate product at 5.99 per cent at up to 85 per cent loan to value (LTV) with free valuation and legal fees, one per cent 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 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."
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