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Yorkshire BS boosts low deposit range

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Mortgage lender Yorkshire Building Society has introduced new products for borrowers with a 5% deposit.

The mutual will offer a two-year fixed rate deal at 3.98%, available up to 95% loan-to-value. This mortgage has an £845 fee and is designed to help first-time buyers make the leap onto the property ladder.

For those looking to avoid fees, a fee-free version of the product is available with a 4.28% rate, the lender said.

Other changes made by the Yorkshire include a reduction in rates across its three-year fixed range. These products are targeted at borrowers with 15% deposits.

Brendan Gilligan, product manager at Yorkshire Building Society, said the new deals would help buyers struggling with high housing costs.

“We are a mutual which has no external shareholders, which means we reinvest our profits into developing our services and making our mortgages as competitive as possible,” he said.

“We know that buying your first home can be difficult financially, which is why we want to minimise the costs involved and give first-time buyers the reassurance that their repayments will be fixed for the first two years of their mortgage.”

Gilligan added: “We’re very proud to be offering a sub-4.00% mortgage for borrowers with a 5% deposit and hope that this will help as many people as possible take their first step onto the housing ladder.”

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