Yorkshire Building Society reintroduces 90% LTV products for first-time buyers
Yorkshire Building Society has reintroduced 90% loan-to-value (LTV) products, exclusively for first-time buyers.
Lending for borrowers with a 10% deposit was paused earlier this month following high demand, which impacted service levels.
The relaunched products will only be available where at least one applicant is a first-time buyer.
There are no changes to lending criteria or loan sizes.
The products include: a 5-year fixed rate at 2.99%, with £495 product fee and free valuation; a 5-year fixed rate at 3.09%, with no product fee; and a 5-year fixed rate at 3.14%, with £495 product fee and free valuation for loans between £500,000 and £600,000.
Yorkshire Building Society has simultaneously made rate reductions across its range, in an effort to support both buyers and those looking to remortgage.
For example, a 2-year fixed rate remortgage at 65% LTV has dropped from 1.58% to 1.49%, while a 2-year fixed rate at 75% LTV has dropped from 1.60% to 1.55%.
Benjamin Merritt, senior manager – mortgages at Yorkshire Building Society, said: “Our desire to lend has not wavered over this period and so after a brief withdrawal, we are pleased to come back to the market with this exclusive range for first-time buyers.
“We know the current market is increasingly challenging for those keen to get started on the property ladder, but hopefully our longer term fixed rates enable borrowers to manage their finances and secure the home they want.”
Merritt added: “Our mortgages come in a variety of shapes and sizes as we aim to cater for a number of homeowners’ needs.
“We know borrowers are looking for the security of knowing what their monthly repayments will be, so we’ve updated our range of options to give people a choice of competitive mortgages suited to their needs.”