25
Jan
Yorkshire Building Society offers high LTV product for first-time
buyers
Yorkshire Building Society has launched a new mortgage product
specifically for first-time buyers.
The latest deal offers those with smaller deposits an opportunity
to get on the housing ladder because it has a loan-to-value (LTV)
of up to 90 per cent.
Rates of 6.49 per cent are available to first-time buyers on the
five-year fixed-rate loan.
In order to qualify for the deal, customers must either have been a
member of Yorkshire Building Society for more than a year or must
have a close family member or friend who has been with the
institution for that length of time.
The product includes no mortgage fees and free valuation and legal
fees.
This latest offering adds to the organisation's other five and
three-year fixed rate deals which are available up to an LTV of 85
per cent.
Iain Cornish, chief executive at the company, commented: "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."
On January 22nd, Santander revealed that its customers are more
likely to opt for a fixed-rate deal rather than a tracker mortgage
due to the competitive market and possibility of base rate rises
later in the year.