YBS unveils 90% first-time buyer deals

Lending for borrowers with a 10% deposit was temporarily paused earlier this month following unprecedented demand which impacted service levels.

The relaunched products aim to provide much-needed support to first time buyers and are only be available where at least one applicant is a first-time buyer. The Yorkshire defines a first-time buyer as someone who has never owned a property or held a mortgage before. There are no changes to lending criteria or loan sizes.

• A five-year fixed rate at 2.99% at 90% LTV with £495 product fee and free valuation
• A five-year fixed rate at 3.09% at 90% LTV with no product fee
• A five-year fixed rate at 3.14% at 90% LTV with £495 product fee and free valuation for loans between £500k and £600k

Benjamin Merritt, senior manager – mortgages, 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.”

In addition, the Yorkshire Building Society has announced a number of rate reductions across its range.

The Society is supporting both buyers and those looking to remortgage by reducing rates across its range including highlights which may suit those looking for longer-term fixes at a variety of LTV ranges .

For those looking to remortgage highlights include:

• A two year fixed-rate at 65% LTV is now 1.49% (was 1.58%) with £495 completion fee, free standard valuation, £500 cashback and free standard legal service
• A five year fixed-rate at 65% LTV is now 1.49% (was 1.52%) with £1,495 completion fee
• A two year fixed-rate at 75% LTV is now 1.55% (was 1.60%), with £495 completion fee,  free standard valuation, £500 cashback and free standard legal service
• A five year fixed-rate at 75% LTV is now 1.50% (was 1.53%) with a £1,495 completion fee
• A two year fixed-rate at 80% LTV is now 1.72% (was 1.77%) with a £495 completion fee, free standard valuation, £500 cashback and free standard legal services

For those looking to complete a house purchase or a remortgage:

• A five year fixed-rate at 65% LTV is now 1.62% (was 1.66%) with a £495 completion fee, free standard valuation and £500 cashback
• A five year fixed- rate at 75% LTV is now 1.63% (was 1.67%) with a £495 completion fee, free standard valuation and £500 cashback
• A five year fixed-rate at 80% LTV is now 1.87% (was 1.89%) with a £495 completion fee, free standard valuation and £500 cashback

Merritt added: “Our mortgages come in a variety of shapes and sizes as we aim to cater for a number of homeowners’ needs. We know borrowers are looking for the security of knowing what their monthly repayments will be, so we’ve updated our range of options to give people a choice of competitive mortgages suited to their needs.”