First-time buyer mortgages launched by Yorkshire Building Society

Date:Tuesday 8th December 2009
Author: Max Freedman

New mortgages for first-time buyers have been announced by Yorkshire Building Society.

There are two new fixed-rate products available at a loan-to-value of up to 85 per cent.

A three-year mortgage at a rate of 5.84 per cent is on offer, or a five year product with a rate of 5.99 per cent can be taken out by first-time buyers.

Holders receive £500 cash back when they complete, in addition to free valuations and no up-front fees.

Iain Cornish, chief executive at the society, said: "We hope that these new mortgages will take some of the financial pressure off first time buyers as they have no fees to pay when they take out the mortgage."

He added that they provider was essentially launching fee-free mortgages when high product costs were still a feature of the market.

Last month, Yorkshire Building Society released new tracker mortgages onto the market, providing a rate of 2.29 per cent, tied to the Bank of England base rate.