This is an expansion of its existing loyalty cashback reward, which is already available to new applicants who have a savings account with the mutual, and also allows borrowers to pass this on to friends or family if they wish.
Now, Yorkshire Building Society has made this incentive available with the £5k Deposit Mortgage, meaning savings members can pass the money to first-time buyers.
Existing savings members must have been with the mutual for at least 12 months and successfully apply for the product to receive the £250 cashback on completion.
To pass this onto friends and family applying for a £5k Deposit Mortgage, savings members must go into a branch and give the details.
The product allows borrowers to purchase a home worth up to £500,000 and was created to resolve the issue of raising a deposit amid rising house prices.
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Ben Merritt, director of mortgages at Yorkshire Building Society, said: “Since its launch in March 2024, our ground-breaking £5k Deposit Mortgage has helped over 1,500 first-time buyers get a footing on the housing ladder.
“We’re always looking for ways to build on that support still further, and giving them the opportunity of this additional bonus to help with their purchase and moving-in costs seemed like a perfect solution.”
