The mortgage, for borrowers with a 5% deposit, has a rate of 4.14% and an £845 product fee.
For first-time buyers looking for a longer term fixed rate, the Society is also launching a five-year fixed rate mortgage at 4.79% with an £845 product fee.
The mortgages are launched on Wednesday, 25 February, 2015, along with further reductions of up to 0.20% on fixed rate and tracker products.
The Society has reduced its two-year tracker mortgage, for borrowers with a 35% deposit, by 0.10% to 1.19% with an £845 product fee.
Other highlights include:
1.84% three-year fixed rate mortgage at 65% loan-to-value (LTV) with an £845 product fee
2.49% five-year fixed rate mortgage at 75% LTV with an £845 product fee
2.79% two-year fixed rate mortgage at 90% LTV with an £845 product fee
Jemma Anderson, Mortgage Product Manager at Yorkshire Building Society, said: “As a mutual society with no external shareholders, we strive to help first time buyers get on the property ladder. These rate reductions will offer competitive rates across our mortgage range for borrowers with a 5% deposit. We are always looking for ways to help first time buyers get on to the property ladder and we hope these rate reductions for borrowers with 5% deposits will help many people achieve the dream of owning their first home.”
Offset equivalent products are available at 0.20% higher on all mortgages except at 95% LTV.
