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Yorkshire BS cuts first-time buyer rates

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Yorkshire Building Society has become the latest lender to lower rates for first-time buyers and those with small deposits.

The mutual is cutting rates on products which require a 5% deposit. Its two-year fixed rate product is now available with a rate of 4.14% and an £845 product fee.

For borrowers looking to lock in for longer a five-year product is available at 4.79%, also with an £845 product fee.

The lender has also cut rates across other areas of its product range, with reductions of up to 0.2% on a number of products.

For borrowers with a 35% deposit Yorkshire’s two-year tracker product has been cut by 0.10% down to 1.19%. An £845 product fee applies.

Other new products include:

1.84% three-year fixed rate mortgage at 65% loan-to-value (LTV) with an £845 product fee

2.49% five-year fixed rate mortgage at 75% LTV with an £845 product fee

2.79% two-year fixed rate mortgage at 90% LTV with an £845 product fee

Jemma Anderson, mortgage product manager at Yorkshire Building Society, said: “As a mutual society with no external shareholders, we strive to help first time buyers get on the property ladder.

“These rate reductions will offer competitive rates across our mortgage range for borrowers with a 5% deposit. We are always looking for ways to help first time buyers get on to the property ladder and we hope these rate reductions for borrowers with 5% deposits will help many people achieve the dream of owning their first home.”

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