Following the launch of Yorkshire Building Society’s Fresh Start mortgage, the Society has developed a second version for individuals who do not need the 100 per cent loan to value facility.
The new product is available up to 95per cent loan to value and still provides 0 per cent interest for the first six months. It will then be followed by a fixed rate of just 5.09 per cent until 31st December 2010, giving a competitive average five year rate of 4.58 per cent.
Other benefits of Fresh Start remain, including:
- Access to free counselling service
- Free independently written advice guide
- Referral to Family Law practitioner, if required
- Referral to adviser for financial review, including maintenance payment protection, if required
- Flexibility, portability and daily interest calculations on the mortgage
- No application fee and completion fee of £395 — lower than many standard fees
- Annual overpayments up to 10% of original loan permitted without charge
- No extended tie-ins beyond the fixed rate period — early repayment charges are applicable if the loan is fully redeemed within this period
Rachel Court, head of mortgages at Yorkshire Building Society said "We have been delighted with the launch of Fresh Start which is already proving popular with many borrowers.
"We have however had feedback from both customers and industry specialists indicating that a version aimed at those who have money to put down as a deposit would be desirable, and the new version of Fresh Start has been designed to meet that need".
