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Yorkshire BS launches direct-only first-time buyer range

Yorkshire Building Society has launched a new range of direct-only mortgages for first-time buyers.

The mortgages are available with no upfront fees, £500 cash back and with a loan-to-value of up to 85 per cent. The range also includes a free standard valuation and legal service.

It includes a two-year fixed rate at 5.19 per cent, three-year fixed at 5.49 per cent and a five-year fixed at 5.79 per cent.

The building society claims that a first-time buyer could save over £1,700 if they choose the two-year fixed rate mortgage in the range over the market-leading rate.

Product manager for mortgages Tom Girling says: “With so many other things to buy to furnish that first home, we know that first time buyers need a little help when it comes to fees. This range, exclusive to first time buyers, also offers £500 cashback which might just be enough to get that flat-screen for the World Cup.”

Yesterday, Co-operative Bank and Britannia announced plans to launch a five-year fixed-rate mortgage direct-only mortgage at 3.99 per cent.

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  1. If these organisations want only 30% of the first time buyer market to be even interested in doing business with them then they can carry on offering 85% direct products all day. However, dual pricing is still to me grossly against TCF. Why should anyone be treated more favourably for going direct to lenders and in most cases not being given the opportunity for advice and recommendation on all product options available (what if rates stay low long term?). Once again Lenders preying on naive First Time Buyers.

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