People looking to make their first step on the housing ladder are getting a boost from Clydesdale and Yorkshire Banks with the launch of new lower rate First Time Buyer mortgages for those with smaller deposits.
Launching across the banks’ retail branch and direct networks from tomorrow (Friday 11th October 2013), the rate for first time buyers with just a 5% deposit has been cut by 50 bps, from 5.49% to 4.99% (see table below for details).
A new Loan-to-Value (LTV) tier at 90% is also being introduced, priced at 3.99%.
First time buyers taking the new 3 year fixed rate deals will also benefit from the banks’ current offer of no arrangement fee, saving £999, free standard valuation and £250 cashback on completion*.
|Product Name||Max LTV||Previous Rate||New Rate (w.e.f. 11/10/13)||APR||Early Repayment Charges||Arrangement Fee|
|FTB 3 year Fixed||90%||NEW||3.99%||4.9%||6% / 5% / 4%||FREE|
|FTB 3 year Fixed||95%||5.49%||4.99%||5.2%||6% / 5% / 4%||FREE|
Andrew Pearce, Retail Director for Clydesdale Bank, said: “We are long-time supporters of first time buyers with lower deposits having kept 95% loans available when others withdrew theirs. We have focused on proper underwriting, good affordability measures and consideration of individual circumstances.
“Our new 95% First Time Buyer Mortgage is simple; one loan, one rate, no arrangement fee. Plus there’s the added benefit of a free valuation and £250 cashback. This underlines our on-going commitment to playing our part in a healthy, sustainable housing market.”
Full details of Clydesdale Bank and Yorkshire Bank’s competitive mortgage ranges are available by visiting www.cbonline.co.uk or www.ybonline.co.uk, or customers can visit their local branch or contact 0800 22 24 26 for Clydesdale Bank or 0800 20 21 22 for Yorkshire Bank.