Yorkshire Building Society relaunches 90 per cent mortgages
Yorkshire Building Society is re-introducing 90 per cent loan-to-value (LTV) products exclusively for first-time buyers from today.
The society temporarily paused lending for borrowers with a 10 per cent deposit earlier this month as unprecedented demand impacted service levels.
The relaunched products will only be available to applicants where least one of them is a first-time buyer. There are no changes to lending criteria or loan sizes.
The 90 per cent LTV range includes a five-year fixed at 2.99 per cent with £495 product fee and free valuation and a five-year fixed rate 3.09 per cent with no product fee.
There is also a five-year fixed at 3.14 per cent with £495 product fee and free valuation for loans between £500,000 and £600,000.
Benjamin Merritt, senior manager of mortgages at Yorkshire Building Society, said: “Our desire to lend has not waivered over this period and so after a brief withdrawal, we are pleased to come back to the market with this exclusive range for first-time buyers.
“We know the current market is increasingly challenging for those keen to get started on the property ladder, but hopefully our longer term fixed rates enable borrowers to manage their finances and secure the home they want.”
The society also made a series of rate cuts to its mortgage and remortgage range.
Changes to the remortgage deals include a two–year fixed at 65 per cent LTV with a rate of 1.49 per cent, down from 1.58 per cent, with a £495 completion fee, free standard valuation, £500 cashback and free standard legal service.
A five-year fixed at 65 per cent LTV is now 1.49 per cent, previously 1.52 per cent, with a £1,495 completion fee.
There is a two–year fixed at 75 per cent LTV which is now 1.55 per cent, cut from 1.60 per cent. This has a £495 completion fee, free standard valuation, £500 cashback and free standard legal service.
There is also a five–year fixed at 75 per cent LTV with a rate of 1.5 per cent, down from 1.53 per cent, with a £1,495 completion fee.