Yorkshire Building Society has launched two new products aimed exclusively at first-time buyers.

The society’s two-year fixed rate mortgage for those taking their first step on the property ladder comes with a rate of 3.54%, while buyers looking for longer-term stability can choose a five-year fixed rate of 3.64%.

Last week, the Yorkshire revealed it had helped a record number of first-time buyers in 2020, and is demonstrating its continued support to potential homeowners with the introduction of the new fee-free mortgages for those with a 10% deposit. Both mortgages come with free standard valuation and £1,000 cashback.

Borrowers with smaller deposits will also benefit from a number of other improved mortgages announced by the society.

Highlights of the Yorkshire’s new range, available to anyone requiring 90% LTV, include a two-year fixed rate mortgage at 3.10%, which comes with a £995 completion fee and free standard valuation, as well as a two-year fixed rate mortgage at 3.39%, which comes with a £495 completion fee, free standard valuation and £750 cashback.

“First-time buyers are the lifeblood of the housing market and we’re committed to supporting them to help people realise their homeownership ambitions,” commented Yorkshire Building Society senior mortgage manager, Ben Merritt.

“These new mortgages have been designed for first-time buyers looking for low upfront costs and who would value £1,000 cashback. Buying your first house is a thrilling but expensive milestone, so we’ve included a significant cashback on completion incentive to help people make their first house a home.

“We’ve also made changes to benefit all borrowers requiring 90% LTV, and are offering a number of competitive rates, incentives and completion fees to give people more options and allow them to tailor their mortgage to meet their needs.”

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