New first-time buyer mortgages 'could take "financial pressure" off'

09-Dec-2009

First-time buyers looking for their first mortgages could look into two new no-fees £500 cashback offers from the Yorkshire Building Society.

The society is offering a three-year fixed-rate plan at 5.84 per cent, with a five-year fixed-rate product at 5.99 per cent for first-time buyers.

Both loans are available at up to 85 per cent loan-to-value, with which Yorkshire claims consumers can save £1,800 over the three-year plan and £2,800 with the five-year product.

Chief executive Iain Cornish said the loans, which come with free legal and valuation fees, would take "the financial pressure off first-time buyers" looking to step onto the first rung of the property ladder.

"We're effectively launching fee-free mortgages for first-time buyers when high mortgage product fees are still very prevalent in the marketplace," he added.

The mortgages are available from all branches of the society.

Yorkshire Building Society recently announced its plans to merge with the Chelsea Building Society.

How to buy a house from finding your first property, first time buyer mortgages, mortgage advice, shared equity, shared ownership, joint ownership, part buy part rent and HomeBuy. All a first time buyer could need as well as first time buyer news at FirstRungNow.com.

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