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Yorkshire launches Open Market HomeBuy product

The Yorkshire has launched a further Open Market HomeBuy product to include a fixed rate option.

The product is at a rate of 6.19% for the first five years, after which it will revert in year six to Yorkshires standard variable rate of 6.90%.

The current Open Market HomeBuy mortgage scheme is based around a tracker facility that follows the Bank of England base rate.

The Yorkshire says feedback from HomeBuy Agents, advisors and a number of market commentators has highlighted the need for a fixed rate option for those who require the certainty of knowing that their monthly payment commitments will not rise over a reasonably long period.

The current tracker product will continue as before except that the 6.5% interest cap for the first two years will not be provided as it is no longer necessary with the fixed rate option.

Andy Caton, corporate development director at the Yorkshire, says: We believe that the Open Market HomeBuy scheme is an innovative and worthwhile route for new homeowners to buy the house that they want to live in, in the area that they want to live.

We have been delighted with the level of take up of the scheme via Yorkshire in its early days and want to respond positively to the needs of customers as the market develops.

“We believe that by offering easy too understand, competitively priced products, both fixed and variable rate, the society is providing good customer choice for everyone able to participate in the Open Market HomeBuy scheme.

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