2 Jul

First-time buyers 'can buy house with ten per cent deposit'

First-time buyers 'can buy house with ten per cent deposit'

First-time buyers now have the option to buy properties with deposits as small as ten per cent of the value of the home with Yorkshire Building Society's latest offers.

The mortgage provider has announced that it wants to encourage people to get on the property ladder with its two-year 5.99 per cent fixed-rate loan on mortgages that require only ten per cent deposits.

Mortgage product manager Tom Girling said: "We've tried to balance the need to help first-time buyers with the need to lend responsibly and designed the new range to provide different ways to help those who are just starting out."

Other advantages of taking out a mortgage with Yorkshire Building Society for first-time buyers include receiving £500 cashback, getting free legal advice and being given a free valuation report.

Mr Girling added that waiving the product fee in addition to being able to purchase properties with smaller deposits is likely to save buyers around £2,500.

Recent findings from Moneyfacts.co.uk revealed that throughout the industry, mortgage rates have dropped to a seven-year low, making it a good time for first-time buyers to invest in property.

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