New mortgage product from Yorkshire Building Society

Date:Wednesday 27th January 2010
Author: Max Freedman

Yorkshire Building Society has launched a new product, aimed specifically at first-time buyers.

The institution has released a 90 per cent loan-to-value mortgage, which is available exclusively to existing members.

A five-year fixed-rate product, it is on offer with a rate of 6.49 per cent for anyone who has been a member of the building society for over 12 months, or has a close family member or friend who has been with the institution for a year.

It also comes with free valuation and legal fees, plus does not have any upfront costs.

Iain Cornish, chief executive at the Society said: "We considered what would be most important to a new borrower and we hope that this mortgage will take some of the financial pressure off first-time buyers."

For other buyers who are interested in getting their foot on the property ladder, Yorkshire Building Society also recently cut the rates on its fixed-rate and tracker products, with a rate of 3.19 per cent available on a one-year fixed-rate loan.