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Yorkshire launches 90% LTV mortgage

Monday 25th January 2010

Yorkshire Building Society has added a first-time buyer mortgage offered at up to 90 per cent LTV to its range, available at 6.49 per cent.

The member-exclusive five-year fixed rate loan is offered with a free valuation and legal fees. However, the product is only available to first time buyers through Yorkshire Building Society’s bank branch staff advisers and on a repayment basis only.

The mortgage is available to first time buyers who have either been a Yorkshire member for over 12 months or who have a close family member or friend who has been a Yorkshire member for over 12 months.

The product widens the range currently offered by the Yorkshire to first time buyers with a three-year fixed rate mortgage at 5.84 per cent and a five year fixed rate product at 5.99 per cent at up to 85 per cent loan to value (LTV) with free valuation and legal fees, one per cent cashback and no upfront fees.

Iain Cornish, chief executive at the Society said: "Rewarding our existing members for their loyalty and providing attractive mortgages to help first time buyers get a foot on the property ladder are both very important to us. We considered what would be most important to a new borrower and we hope that this mortgage will take some of the financial pressure off first time buyers as they have no mortgage fees to pay and we pay the valuation and legal fees.

"This new mortgage, along with our existing range, is available from all our branches, where our fully qualified mortgage advisers can guide and support first time homeowners through the house buying process."

Yorkshire also offers a savings account for first-time buyers saving for a deposit. It offers a GBP 100 cashback when the customer gets his or her mortgage offer if the account holder takes a Yorkshire Building Society mortgage. The account pays an interest rate of 2.05 per cent.

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