The first time buyer market may welcome the advent of a new products by the Yorkshire Building Society. The launch of two products:
A three year fixed rate at 5.84%
A five year fixed rate at 5.99%
Both will be available up to 85% loan to value (LTV) with free property valuation. As such the first time buyer will be expected to come up with at least 15% deposit. However, one cannot ignore the £500 cash-back and there are no upfront fees.
In comparison the standard 85% LTV rates currently available, first-time buyers will save around £1,800 over the term of the three year fixed rate product, and with the five year product they will save around £2,800.
“We hope that these new mortgages will take some of the financial pressure off first time buyers as they have no fees to pay when they take out the mortgage and we provide £500 cashback when they complete which should come in very handy whether it be put towards stamp duty, removal costs or kitting out a new home.” as stated by Iain Cornish, chief executive at the Yorkshire Building Society.
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