Yorkshire Building Society has announced it is reintroducing 90% loan-to-value (LTV) products from today, exclusively for first-time buyers.
Lending for borrowers with a 10% deposit was temporarily paused earlier this month after the society reported unprecedented demand which impacted service levels.
The society suggested that by relaunching products it aims to provide “much needed support” to first-time buyers, and will only be available where at least one applicant is a first-time buyer.
Yorkshire Building Society defines a first-time buyer as someone who has never owned a property or held a mortgage before. The society indicated there are no changes to lending criteria or loan sizes.
Yorkshire Building Society senior manager mortgages, Benjamin Merritt, said: “Our desire to lend has not wavered over this period and so after a brief withdrawal, we are pleased to come back to the market with this exclusive range for first-time buyers.
“We know the current market is increasingly challenging for those keen to get started on the property ladder, but hopefully our longer term fixed rates enable borrowers to manage their finances and secure the home they want.”
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