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Yorkshire Building Society launches online mortgage

Tuesday, 1 February 2005 12:00 AM

Yorkshire Building Society has launched its first ever internet only mortgage.

The new mortgage offers a three-year fixed rate of 4.64 per cent and is available for loans up to 95 per cent of the property value.

Rachel Court, head of mortgages, explained that the mortgage is very competitive because it is offered only online.

"As all applications will be received electronically and the processing will be completed centrally we have been able to reflect this in the cost of the mortgage, allowing us to offer a market leading rate for borrowers who choose to apply in this way," she stated.

As with all Yorkshire mortgages, the new internet-only mortgage allows unlimited overpayments without any additional charges - underpayments and payment holidays are also permitted with approval. However, a £495 application fee applies to the loan.

Also interest is calculated on a daily basis, ensuring borrowers receive immediate benefit for all their payments, and six months accident, sickness and unemployment cover is provided free of charge.

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