Both deals have product fees of £595 and early repayment charges of 3 per cent apply for the first ten years only on the 6.29 per cent deal, while early repayment charges of 3 per cent apply for the first fjive years on the 6.49 per cent offer. There is the flexibility to overpay by 10 per cent each year without charge, both are available for up to 90 per cent of the property value and both are fully portable should the borrower move home.
Yorkshire has seen a significant increase in sales of five and ten year fixed rates over the last year and these new products will help the Society to test customer appetite for longer-term deals. Funding for the new products is however limited and therefore early applications are recommended.
Iain Cornish, Yorkshire’s chief executive said: “Our new products support the Chancellor’s desire to boost the supply, and take up, of long term fixed rate loans whilst giving customers real choices when considering these products. Whilst our 25 year fixed rate mortgages are available for both house purchase and re-mortgages, these products are particularly good for first time buyers. They shouldn’t be put off by the longevity of the loan, the mortgage is fixed for 25 years but it’s portable and can move home as often as the customers want to. The one thing that is almost guaranteed for first time buyers is that they will have a mortgage for the next 25 years!”
