Yorkshire Building Society Group has launched a range of 95% mortgages, with some of them costing less than mortgages under the Help to Buy scheme.
The group, comprised of Yorkshire, Barnsley, Chelsea and Norwich & Peterborough Building Societies, has rolled 36 new mortgage products, the cheapest coming in at 4.59% interest, less than the rate offered by the UK Government’s Help to Buy scheme.
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Chris Pilling, Yorkshire Building Society Group’s Chief Executive, said: "We are delighted to be launching the largest selection of 95%loan-to-value mortgages available from any lender in the UK, and delivering good value for our members at the same time.
"We support the intentions of the Help to Buy Mortgage Guarantee scheme in encouraging more lenders to provide lower deposit mortgages but are able to deliver on its aims without relying on Government support."
The two and five year fixed rate mortgages are available to all home buyers, with remortgage options to follow in 2014. Mortgages with no product fee and £500 cashback on completion are also on offer.
Pilling said: "House prices have stabilised and improved recently to make this the right time for us to offer such a wide selection of competitive 95% LTV mortgages, and they address the toughest obstacle faced by first time buyers, and some next time buyers, which is raising a big enough deposit.
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By GlobalData"Our fundamental role as a building society is to support, in a responsible and prudent way, as many people as possible achieve their aspirations to buy their own home. We do that day-in and day-out already and our new 95% LTV deals will allow us to help even more first time buyers."
So far only Lloyds and RBS have taken up the coalition government’s Help to Buy offer, although big lenders HSBC, Virgin Money, TSB, Santander and Barclays are to join later.
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