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First time buyer mortgage options

Your home may be repossessed if you do not keep up repayments on your mortgage

The right mortgage for you

As a first-time buyer you're approaching one of life's big milestones. We use our years of experience to offer you advice to help you purchase your first home.

Our first-time buyer mortgages

Yorkshire Bank have a range of mortgages tailored especially to first time buyers. If you're over 18 and have a minimum 5% deposit you're eligible to apply. The features include:

  • no arrangement fee
  • cashback
  • one free standard valuation

The mortgage itself offers a fixed rate, 5% deposit, 95% loan-to-value. If you can afford a larger deposit we also offer a 10% deposit, 90% loan to value first time buyer mortgage, which has the benefit of a lower interest rate. Our advisors will be on-hand throughout the process.

Other mortgages

As a first-time buyer you can still apply for one of our other mortgages if you decide the first-time buyer mortgage isn’t right for you. Buying a home and taking out a mortgage is a long term commitment and it's important that you choose a product that suits you. Talk to a mortgage advisor and decide which product is right for you. There are a number of different types of mortgage.

Fixed rate mortgages

Yorkshire Banks first-time buyer mortgage is an example of a fixed rate mortgage. Interest rates can go up and down, but by taking out a fixed-rate mortgage you have a set period of time in which you know the rate won't change. If rates go up, your monthly payment won't rise but if rates go down you won’t receive a reduction in your payment. This type of mortgage can help with financial planning, as you know exactly what your payments will be for the set period of time you opted for.

Variable rate mortgages

With variable rate mortgages the lender may change the rate at any time. If the Bank of England base rate was to change, so may the rate of a variable rate mortgage.

Tracker mortgages

Tracker mortgages generally track the rate of interest set by the Bank of England (base rate). If the rate rises, so will the amount you repay and your monthly payments. If the base rate falls, your repayment amount and monthly payments will too. With a variable rate mortgage you should be sure you could still afford your payments if the interest rate rises. Our guide can offer more advice.

Discounted SVR mortgages

A discounted SVR (standard variable rate) mortgage offers a variable rate mortgage which has an initial discount. For a set period the rate you pay will be less than the lender's normal variable rate but could still go up or down.

Offset mortgages

An offset mortgage lets you use the money in your current and savings accounts to reduce the amount of interest you’ll be charged on your mortgage. All you need to do is link your eligible Yorkshire Bank savings and current accounts to your mortgage, and you won’t be charged any mortgage interest on the value of your savings.

When you link an eligible account to your mortgage, you offset its balance against your mortgage balance. So you’re only charged interest on the difference between the money in your account and the amount you owe on your mortgage. Interest is also calculated daily. The result: For repayment mortgages this means you could repay your mortgage earlier.

You won’t earn any interest on your savings when they’re linked to your mortgage, but you’ll still have the same access if you need to take some money out. The more money you have in credit balances, the more interest you will save.

Our offset mortgages are available on a discounted variable rate. This means your interest rate can vary, so your payments will decrease if there is a downward movement in interest rates. However, if interest rates rise so does the amount you have to repay.

Practical help

It's important that whatever home you decide to buy is affordable. The mortgage calculator can give a rough idea of how much you can afford to borrow. You’ll have to budget for more than the asking price. Our guide to the hidden costs of buying a home contains information about some of the additional expenses that can arise.

The home buying timeline can give you an idea of what's coming next and how long the whole process can take. Planning ahead using the timeline will allow you to stay in control of the process and anticipate what steps to take next.

Talk to someone

Our mortgage advisors will be able to give you advice on which mortgage suits your needs best. You are free to apply for any of our products but you'll only receive the first time buyer rewards package if you apply and are approved for our first-time buyer mortgage. We believe finding your first home is an experience you should enjoy and we're dedicated to making sure that is the case for you.


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Online enquiries

Complete our online enquiry form and one of our advisors will be in touch to discuss your mortgage requirements and available options.

Online mortgage enquiry

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