First-time buyer mortgages launched by Yorkshire Building Society
Yorkshire Building Society has launched three two-year mortgages designed to give first-time buyers a foot on the property ladder.
The high loan-to-value (LTV) homeloans are available exclusively to would-be homeowners with 5%, 10% and 15% deposits.
The two-year fixed rate range includes a 1.99% deal at 85% of the property’s value, 2.39% at 90% LTV and 3.89% for those with just 5% upfront.
All the mortgages have a £495 fee, and include free standard valuation plus £500 cashback on completion.
Charles Mungroo, mortgage manager at Yorkshire Building Society, said: “We’re committed to helping people achieve their homeownership ambitions, and we hope these mortgages tailored to those with smaller deposits will really appeal to aspiring homeowners.
“We know that it is getting harder for young people to buy a home, and many rely on financial support from their parents to make this dream a reality. However, research we recently undertook revealed that this can put a strain on family relationships with many new borrowers feeling guilty for tapping into the Bank of Mum and Dad.”