Yorkshire Building Society Launches New Mortgage Deal for First-Time Buyers

Yorkshire Building Society has introduced an exciting opportunity for first-time buyers to step onto the property ladder with ease. The new mortgage deal allows individuals to purchase a property valued at up to £500,000 with a deposit as low as £5,000. This fee-free mortgage is accessible both directly to customers and through brokers via Accord Mortgages.

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Empowering First-Time Buyers

The society’s latest research reveals that a deposit of £5,000 can significantly expedite the process for first-time buyers to become mortgage-ready. This exclusive deal, tailored specifically for first-time buyers, features a competitive five-year fixed-rate mortgage set at 5.99%.

Key Details of the Mortgage

One of the standout features of this mortgage offer is that the maximum borrower age at the end of the mortgage term is 70, providing flexibility and accessibility to a wider range of individuals. However, it’s important to note that this mortgage is not applicable for new-build properties or flats.

Stringent Checks and Support

Applicants can expect thorough credit scoring and affordability assessments as part of the application process. Yorkshire Building Society emphasizes the importance of ensuring financial stability and responsibility for both the applicants and the society.

Financial Assistance for First-Time Buyers

Recent studies conducted by the society indicate that approximately two in five first-time buyers rely on financial support from friends and family to embark on their homeownership journey.

Conclusion

With this innovative mortgage deal, Yorkshire Building Society aims to empower first-time buyers and facilitate their entry into the property market. The combination of low deposit requirements, competitive interest rates, and supportive measures underscores the society’s commitment to making homeownership more accessible.

By Sophie Roberts