Yorkshire Building Society: New mortgages for first-time buyers

Yorkshire Building Society has launched a new range of mortgages for first-time buyers which offer £500 cashback upon completion.

There's a three-year fixed-rate mortgage with a rate of 5.84 per cent and a five-year deal which charges 5.99 per cent interest, both of which come with free valuation and legal fees.

The mortgages are available for customers who need to borrow up to 85 per cent of their property's value.

Yorkshire reckons this deal could save first time-buyers around £1,800 over the term of the three-year deal and £2,800 with the five-year product compared to other 85 per cent loan-to-value mortgages.

Iain Cornish, chief executive of the building society, said: "We hope that these new mortgages will take some of the financial pressure off first-time buyers as they have no fees to pay when they take out the mortgage.

"And we provide £500 cashback when they complete which should come in very handy whether it be to put towards stamp duty, removal costs or kitting out a new home."

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