Three-quarters (75 per cent), of people who would prefer to buy than rent see the high upfront fees as one of the biggest obstacles to getting a mortgage, research on behalf of Yorkshire Building Society shows.
The study, conducted by YouGov among 2,037 UK adults who would like to own their own home, also found that the biggest reason to move, named by 93 per cent of respondents, was the amount of living space available.
The number or size of bedrooms (90 per cent) and the type of property (88 per cent) were other big reasons for moving home, according to the research.
In view of these findings, Yorkshire Building Society has refreshed its product offering, launching a whole new range of fee-free mortgages that come with £1,000 cashback.
The new mortgage deals, available in-branch, online or over the telephone at Yorkshire, Barnsley and Chelsea building societies, include:
| Three year fixed-rates | Five year fixed-rates | ||
| 65% LTV | 2.19% | 65% LTV | 2.54% |
| 75% LTV | 2.44% | 75% LTV | 2.64% |
| 80% LTV | 2.99% | 85% LTV | 3.34% |
| 90% LTV | 3.59% | 90% LTV | 3.94% |
| 95% LTV | 4.69% | 95% LTV | 4.89% |
Jemma Anderson, mortgage manager at Yorkshire, commented:
“Paying up-front fees is often a major obstacle for some home buyers and we have tried to ease that pressure with these new mortgages.
“We hope removing our up-front fees and giving £1,000 cashback on this new range of mortgages will help people buy the property they want and turn it into a home.”
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