Yorkshire Bank 1 Year Fixed Rollover Mortgage

by Peter Jacobs

A brand new concept and mortgage product has been launched by the Yorkshire Building Society aimed at those nearing the completion of their loan and have a high percentage of equity in their homes. Yorkshire Building SocietyCalled the rollover mortgage the Yorkshire Building Society believes that this product “could be the last mortgage product a borrower will ever need” – The idea is that the product has a rolling period within it so at the end of the first year a new fixed rate is offered or the home owner can simply be placed onto the Yorkshire’s standard variable rate much like the loans of today. The deal is available for people wishing to remortgage to the Yorkshire although no details are available on what type of deals would be offered after the first year comes to an end.

Yorkshire Building Society 1 Year Fixed Rollover Mortgage

The main details of this mortgage is that you need to have a least a 65% deposit (meaning a 35% loan to value) and is aimed towards “last time buyers” – the initial fixed rate of 2.69% last for a year and this loan has a £495 product fee. Here are the details :

  • One year fixed rate of 2.69%
  • Maximum 35% LTV
  • Product fee £495
  • 1% penalty if move from this mortgage in the first year
  • Rolls over after a year to either a new fixed rate deal or standard variable rate with no new product fees charged if you stay with the product

This is great news for people wanting to release equity in their homes and often have to pay upwards of 7% on equity release schemes because there aren’t many products aimed at people who are either at the end of their mortgage or simply want to release equity out of their home. The arrangement fee of £495 is also a lot cheaper than the equivalent HSBC product which charges £1,495 but has the same rate on a 1 year fixed rate although HSBC will lend up to 60% on the current rates.

How to apply and get further information

If you are looking to unlock some of your equity or just don’t need the higher rates on the higher LTV then this one year rollover mortgage product from the Yorkshire Building Society could be for you. You can get further information from the Yorkshire’s website and apply online or over the telephone. Additionally you should seek professional financial advice when thinking of taking out a mortgage so speak to an independent financial adviser who can provide the details on this product and all the others in the market place to find a suitable mortgage for your personal circumstances.

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