Nicky Campbell says he feels “crushed” by the abuse he suffered at a top private school as he demanded better support for victims.
27.03.2024 - 08:09 / manchestereveningnews.co.uk
A new mortgage scheme has been launched by Yorkshire Building Society, which could help first-time buyers get on the property ladder with just a £5,000 deposit.
This means that hopeful homeowners could borrow up to 99 per cent of the value of a property worth up to £500,000. For a typical first-time buyer property priced at £200,000, a £5,000 deposit would be 2.5 per cent of the purchase price, with the remaining 97.5 per cent borrowed as a mortgage.
The new mortgage is available directly from Yorkshire Building Society or through brokers via Accord Mortgages. Ben Merritt, the director of mortgages at Yorkshire, said research shows that £5,000 could significantly reduce the time it takes for first-time buyers to become mortgage-ready.
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He added that this could create a "level playing field for those who don't have financial support from their families to fall back on". The deal, which is only available to first-time buyers, offers a five-year fixed-rate mortgage at 5.99 per cent. Borrowers must be under 70 years old at the end of the mortgage term.
The mortgage is not available for new-build properties or flats, and all loans are subject to strict credit scoring and affordability checks. Mr Merritt said: "While £5,000 represents a 1 per cent deposit for those who need to borrow the maximum amount available, the key is that customers are still putting money into a deposit, they still have to demonstrate strong creditworthiness and pass an affordability assessment to be eligible for a £5,000 deposit mortgage. We have a duty to encourage financial responsibility in anyone taking out a mortgage."
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