Yorkshire Building Society (YBS) has announced reduced mortgage rates for first-time property buyers with smaller deposits.
Addressing the problems first-time buyers face in obtaining mortgage credit, YBS has cut the rates on its 90 per cent loan-to-value ratio products by up to 0.25 per cent. Products on offer now include a two-year fixed rate deal offering 4.39 per cent, a three-year package at 4.79 per cent and a five-year rate of 4.94 per cent. All these offerings come with a £995 fee.
For borrowers able to rustle up a 25 per cent deposit, rates as low as 2.74 per cent and 2.79 are available on tracker and fixed rate products respectively.
YBS product manager Sunjeev Sahota says the firm recognises the challenges faced by those trying to get on the property ladder. “However, we remain true to our building society roots and that means we want to help people borrow the money they need to buy their own home, regardless of whether they have a big or small deposit,” he added.