8 Dec

Yorkshire Building Society unveils "fee-free" mortgages for first-time buyers

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.

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