A 99 per cent mortgage product for first time buyers has been launched by Yorkshire Building Society and Accord mortgages.
The building society said its fee-free deal will enable first-time buyers across England, Scotland or Wales with a £5,000 deposit to purchase a property valued at up to £500,000.
Under the deal, which is available to first-time buyers only, borrowers could take out a five-year fixed-rate mortgage at 5.99 per cent.
Yorkshire Building Society director of mortgages, Ben Merritt, said research by the society found £5,000 is the amount that could shorten the time needed for first-time buyers to get mortgage-ready.
He added that it could help to encourage a “level playing field for those who don’t have financial support from their families to fall back on”.
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Link to Original Article: Financial Times - First Time Buyer 5 Percent Deposit Upto 500k
