8
Dec
Yorkshire Building Society unveils "fee-free" mortgages for
first-time buyers
Two new first-time buyer mortgages will be available through the
Yorkshire Building Society from tomorrow (December 9th).
Chief executive Iain Cornish said that the products, which feature
no upfront fees and a free valuation, are designed to "take some of
the financial pressure off" for people entering the property market
for the first time.
The first new mortgage available at the building society is a
three-year fixed-rate loan at 5.84 per cent, while the other
product offers a five-year fixed-rate deal at 5.99 per cent.
Both products are available up to 85 per cent loan to value
(LTV).
"We're effectively launching fee-free mortgages for first-time
buyers when high mortgage product fees are still very prevalent in
the marketplace," Mr Cornish commented.
According to the society, new buyers could save an estimated
£2,800 by taking out the five-year mortgage, when compared
with other 85 per cent LTV rates currently on the market.
Last week, Leeds Building Society re-launched its five-year
fixed-rate mortgage range, which starts with a "best-buy product"
at 4.75 per cent and a maximum LTV of 75 per cent.
