Yorkshire Building Society launches FTB range
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Yorkshire Building Society has launched a range of first-time buyer deals, as well as a 90% LTV deal exclusively for Yorkshire members.
The first-time buyer range includes a two-year fixed rated at 5.39%, a three-year fixed rate deal at 5.69%, and a five-year fixed rate deal at 5.89%, all up to 85% LTV.
The products can be taken out without paying any upfront fees, and include free valuation and legal fees, and £500 cashback.
Offset versions are also available with 0.10% added to the rate.
The deals are available through the building societies’ branches.
The Yorkshire is also offering a member-exclusive, five-year fixed rate deal at 6.49% available up to 90% LTV with free valuation and legal fees.
First-time buyers wishing to take up the deal have to been either a Yorkshire member for over 12 months or have a close family member or friend who has been a Yorkshire member for over 12 months.
A product has also been launched by the building society to help aspiring first-time buyers save for a deposit.
The account pays an interest rate of 2.05% gross per annum which includes a bonus payable when the customer is issued with a full mortgage offer.
If savers go on to take out a mortgage with the Yorkshire they will receive £100 cashback.
Tom Girling, product manager for mortgages at Yorkshire Building Society, says: “With signs of increased activity in the first-time buyer market, we wanted to make sure that we had a comprehensive range of mortgages for those looking to take their first step on the property ladder.”
Readers' comments (5)
Anonymous | 16 Feb 2010 1:16 pm
And of course they are going to make these arrangements available via Accord in order that the intermediary can access this range.... NOT!!!
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Anonymous | 16 Feb 2010 1:31 pm
This is welcome news to all first time buyers, lets hope other lenders follow suit.
Yorkshire BS have always been market leaders for first time buyer deals.
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Anonymous | 16 Feb 2010 2:40 pm
I think we all saw this coming when lenders started to channel intermediary business through another company within their group. Direct deals are going to be the death of the mortgage broker and this is not good news for the general public. I hope that Yorkshire offer us a similar proposition through Accord, but sadly I cannot see it happening.
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Anonymous | 17 Feb 2010 11:49 am
I can see a high risk of repossessions at these high rates considering incomes are facing increasing downward pressures.
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Sarah Smith | 18 Feb 2010 9:25 am
Are you mental? 5.89% isn't high! 12% is high! The rates reflect the cost of funds which are not based on and have never been based on the Bank of England base rate. I thought you lot had to have a basic understanding of the mortgage market??
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