FinancialAdvice.co.uk Logo

Qualified advisers answering your
Financial Questions
call 0800 092 1245

Four building societies offer new 5pc mortgages

For those looking for a cheap mortgage deal, October marked a significant step in the right direction, when the second stage of the Governments’ Help to Buy scheme was launched three months early.

However, four UK building societies have now launched 5pc mortgage deals, offering potentially cheaper alternatives to the Government-led initiative. All of the building societies offering the deal are owned by the Yorkshire Building Society Group, and include Norwich and Peterborough, Barnsley, Chelsea and Yorkshire.

All of the deals have been made available to consumers on homes with a value of up to £500,000, and the lowest rate on a two year fixed deal starts at 4.89pc. There’s also a fee-free five year fix that that costs 5.29pc.

Another standout feature of these deals is that they are set to be rolled out to remortgage customers from 2014, while the Government scheme is only available to those buying a new home.

This has caused those in the industry to take notice, and Aaron Strutt of mortgage broker Trinity Financial, says that these offerings from the Yorkshire Building Society Group are now the most competitive in the market. He said, “These mortgages will provide a real boost to the first-time buyer mortgage market and will add real competition. If more lenders offered low deposit mortgages like these a few months ago, I don’t think the Government would have been so keen to launch Help to Buy.

“The lenders certainly need to be given a strong push to start offering low deposit mortgages, and it’s great news that they have come back to life again”, he continued.

Need advice?


If you’re looking for a mortgage and need financial advice, please contact our team. Our mortgage advisers are whole of market, meaning we have access to every product available and as such can get the best and most suitable product for you.


Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:



Latest News

Blogs

Helpful new tax year facts that could affect you and your money


Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.


Read more

Useful Links

Popular Searches

Please Enter More Details

 
Enter More Details
Continue