The range has a variable and fixed rate option and an offset account with full functionality is included. The five-year offset variable rate deal tracks at 0.95 per cent above the Base Rate, while its offset fixed rate mortgage is also available at 6.89 per cent until 30/09/12. There are no higher lending charges (HLCs) and no application fee.
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The deals are available for house purchase and repayment only.
Ian Bullock, sales and marketing director at Yorkshire BS, said: “This product will go a long way to helping borrowers who are increasingly finding that money saved for a deposit is needed for Stamp Duty and associated costs, leaving little extra to buy all the essential things for a new home.”
“While there is undoubted demand for this type of lending we feel that we have to demonstrate to customers that we are acting responsibly in ensuring that they do not over-commit. We have included an offset facility to allow borrowers the option of taking a higher LTV initially for unforseen costs, so that any extra can be put in their savings account to reduce the mortgage interest charges.”
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James Cotton, mortgage specialist for London & Country, said: “No HLC is essential if a lender is launching into this area. Yorkshire will have to keep its eye on rates.”
