The product allows unlimited overpayments without any penalty charges, as well as underpayments and payment holidays. And, as with all Yorkshire's mortgages, interest will be calculated on a daily basis.
To help first time buyers onto the property ladder Yorkshire is offering this mortgage to them without charging an arrangement fee and providing them with a free property valuation and assistance with legal costs. Six months free accident, sickness and unemployment insurance is also provided.
The 10 year mortgage is fully portable, allowing borrowers the flexibility to continue their mortgage if they move house during the first 10 years.
Iain Cornish, Yorkshire's general manager, marketing, said: "We recently completed some research into the public's views on mortgages and found that almost 60% said they would prefer to have one mortgage throughout the whole mortgage term as it is too much effort to regularly switch mortgages or lenders. I think this research, together with feedback from our sales staff, who are indicating a demand for this type of product, show that in today's society people view their own time as a precious commodity and that finding a product offering long term value is important."
