A £5,000 deposit mortgage for first-time buyers has been launched by a Yorkshire Building Society to enable first time buyers to borrow up to 99% of the property value.

First-Time Buyers will still have to show that they have good credit and will also need to pass an affordability assessment to be eligible for the £5,000 deposit mortgage.

The maximum borrower age at the end of the mortgage term is 70 and the mortgage can be used to purchase a property valued at up to £500,000.

The mortgage is not available for new-build properties or flats.

Borrowers at a higher loan-to-value should aim to overpay their mortgage where possible to reach a lower loan-to-value bracket where cheaper mortgage deals can be found when they come to refinance.

Borrowers should also be aware of the risks of falling into negative equity with high loan-to-value mortgages.

If you are purchasing your first home, contact our Residential Property team on 01606 74301 and speak to our friendly team of property experts who will be delighted to assist with your property purchase.