New first time buyer mortgage from Yorkshire Building Society

Yorkshire Building Society has launched a new first time buyer mortgage for their members who only have a small deposit.

The new member-exclusive first time buyer mortgage is a 5 year fixed rate at 6.49% available up to 90% loan to value (LTV). It includes free valuation and legal fees and no upfront fees.

To qualify for this new mortgage, you have to have either been a Yorkshire member for 12 months or more or have a close family member who has been a Yorkshire member for over 12 months.

Yorkshire also have other first time mortgage deals available, including

• 3 year fixed rate mortgage at 5.84%, up to 85% LTV
• 5 year fixed rate mortgage at 5.99%, up to 85% LTV

Both of these have free valuation and legal fees, 1% cashback and no upfront fees.

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.”

Help saving up for the mortgage deposit

Helping first time buyers get a foot on the property ladder has long been important to the Yorkshire and as part of this they offer a bespoke savings account for new borrowers. This savings account is designed to help save for a deposit but also provides £100 cash back if the account holder takes a Yorkshire Building Society mortgage.

The account pays an interest rate of 2.05% (gross, p.a.), which includes a bonus payable when the customer is issued with a full mortgage offer.