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Yorkshire BS undercuts Help to Buy rates with range of 95% mortgages

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Yorkshire BS is offering a range of mortgages at 95% LTV priced more cheaply than Help to Buy 2 deals.

The building society’s leading deal is two-year fixed rate mortgage, available up to 95% loan-to-value (LTV) charged at 4.89% with no fees attached. The interest rate is 0.1% cheaper than the equivalent Help to Buy 2 mortgage offered by The Royal Bank of Scotland and 0.7% lower than that provided by Halifax.

The society is also offering a lower interest rate of 4.59%, fixed for two years, via its Chelsea Building Society brand, but this has a £1,545 fee attached.

Yorkshire Building Society’s five-year fixed rate, available up to 95% LTV and charged at 5.29% is market-leading, and undercuts RBS’ 5.29% Help to Buy 2 five-year fix.

The mortgages are offered via a variety of brands owned by Yorkshire Building Society group including Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and intermediary lending arm Accord Mortgages.

All products are currently available on house purchase only but the group said it would launch remortgage options at the start of 2014.

Chris Pilling, chief executive of Yorkshire Building Society Group, said he felt borrowers were looking for low deposit products outside the government scheme.

“We support the intentions of the Help to Buy mortgage guarantee scheme, or Help to Buy 2 as it has become known, in encouraging more lenders to provide lower deposit mortgages.

“We are delivering on the aims of this scheme without relying on government support and offering even greater choice for borrowers. Our 95% LTV products are simple and straightforward, mirroring what our customers have told us they want in a mortgage product.”

Other lenders who havereduced interest rates and launched mortgages available up to 95% LTV since the launch of the Help to Buy 2 mortgage guarantee include Clydesdale Bank plus the Cambridge, Newcastle and Saffron building societies.

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