The Yorkshire Building Society has launched three new mortgages for borrowers with small deposits.
Longer-term fixed rate mortgages are usually more widely available to homeowners and buyers with at least 25% equity or deposit, but the Yorkshire has extended its offering to those requiring up to 90% LTV.
A seven-year fixed rate mortgage at 2.84% is available to borrowers with a 10% deposit, which is currently the lowest rate available for this term at 90% LTV. Meanwhile those who want to fix their mortgage for the next decade could now take advantage of a rate of 3.04%.
Borrowers with a 15% deposit can also fix their monthly repayments until 2029 at a rate of 2.58%, which is also the lowest rate currently available for a ten year fixed rate mortgage at 85% LTV.
All three new mortgages come with a £495 fee and free standard valuation.
Charles Mungroo, senior mortgage manager at Yorkshire Building Society, said: “We’re pleased to expand our range of seven and ten-year fixed rate mortgages to borrowers with smaller deposits.
“An increasing number of people are turning to fixed rate mortgages for longer periods of time, likely due to continued political and economic uncertainty. It’s only right that borrowers with less equity have the same opportunities to get the peace of mind of knowing how much their monthly repayments will be for a number of years to come.”