Yorkshire Building Society has increased the cashback payable on its first time buyer mortgages from £500 to 1% of the total loan, with immediate effect.
First time homeowners can therefore choose between a 3 year fixed rate mortgage at 5.84% and a 5 year fixed rate product at 5.99%. In addition to the 1% cashback, both mortgages come with a free valuation, free legal fees and there are no other upfront mortgage fees to pay. A 15% deposit is required.
Iain Cornish, chief executive of Yorkshire Building Society said: “Buying your first home is a very expensive business. We have therefore designed these new mortgages to take some of the financial pressure off first time buyers. There are no fees to pay when they take out the mortgage and the cashback will help cover the cost of the stamp duty, which will be one of the first bills to land on the new door mat.”
