"It’s fantastic to see Yorkshire Building Society support first-time buyers by offering a competitively priced deal for those with a 10% deposit."
Borrowers with a 10% deposit can also benefit from a five year fixed-rate at 2.93%. Both have a £1,345 product fee.
The Society is also offering a 2.59% 90% LTV with no product fee and free standard valuation, with free standard legal work for those remortgaging or £250 cashback on completion for those buying a new home.
Brendan Gilligan, Mortgage Product Manager, said: “We know how hard it can be to get that first foot on the property ladder, and we understand how important homeownership is to people under 40 in the UK, with our research earlier this year showing that the majority prioritise this as more important than getting married or having children.
“As a mutual which puts its members’ interests first, we want to help as many people as possible to achieve their dream of homeownership. By offering these very competitive rates, we are hoping to help first time buyers get on to the property ladder.”
Rachel Springall, Finance Expert at Moneyfacts, added: “It’s fantastic to see Yorkshire Building Society support first-time buyers by offering a competitively priced deal for those with a 10% deposit. It can be a great hardship trying to get onto the property ladder so finding a cost-effective deal to reduce monthly mortgage payments is essential.
“Borrowers must always work out the true cost on their mortgage deal and raise enough cash to cover all their upfront fees, such as legal costs or a product fee. In this low rate market buyers should ideally be aiming to overpay on their mortgage whenever possible so that they can raise the equity in their home and reduce the term of the loan.”
