Yorkshire Building Society is to increase the maximum LTV on its recently launched drop lock mortgage range from 75% to 90%.
From 17 June, the range, launched last week, offers borrowers a tracker rate at 3.99% up to 90% LTV, with a fee of £495 and the option to switch to a fixed rate without penalty during the deal period.
Chris Smith, group direct product manager from the Yorkshire, said: “We have decided to introduce this lower deposit option as we believe it will help more people get on the property ladder, as well as offering those currently on a variable rate the opportunity to change to a more flexible option.”
He added: “If a customer is undecided between a tracker rate and a fixed rate mortgage, this drop lock option gives them much more freedom when choosing a mortgage.”
