The Yorkshire has launched a mortgage called Mortgage +, which provides 115% loan to value. This is aimed at first time buyers who need more than 100% to purchase the property and help with associated costs such as stamp duty, legal fees and furnishings.
There is no application fee with the product or higher lending charge.
This mortgage product is offered with Tracker and fixed rate options, and you can add an offset facility which means as the borrowers financial status improves they can make payments to the offset account to reduce their mortgage.
Borrowers should think very carefully before taking out such a large mortgage as they will be in instant negative equity, and should satisfy themselves that it is an affordable option.
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