New Yorkshire Building Society's Open Market Homebuy mortgage started

www.moneynews.co.uk > Mortgages > New Yorkshire Building Society's Open Market Homebuy mortgage started

New Yorkshire Building Society's Open Market Homebuy mortgage started

Tue 9th Jan 2007

Yorkshire Building Society's Open Market Homebuy (OMHB) mortgage has witnessed "brisk" demand since it was introduced to the market back in October and the society has now launched a five-year fixed-rate product.

Following the analysis of feedback received from a number of sources such as independent advisers and homebuy agents, it has been decided that the building society must add a fixed-rate option to the product.

The Yorkshire Building Society's Open Market Homebuy five-year fixed-rate mortgage is designed to give eligible borrowers the opportunity to get a foot on the property ladder as well as the peace of mind of unchanging monthly payments.

Andy Caton, corporate development director at Yorkshire Building Society, said: "We believe that the OMHB scheme is an innovative and worthwhile route for new homeowners to buy the house that they want to live in, in the area that they want to live."

Currently, the Yorkshire Building Society's Open Market Homebuy product offers customers a tracker that traces developments in the Bank of England base rate.

The OMHB scheme is the government's concept, designed to give key workers and other selected groups the chance borrow money in order to purchase a house where otherwise they may struggle.

Related News : Mortgages
	Brits 'failing to grasp the importance of an interest in mortgages'
	BBA highlights mortgage lending growth
	Are interest-free mortgages a bad idea?
	Buy-to-let mortgages are 'more profitable'
	House price performance to impact lenders' criteria
	More Brits 'to choose long-term mortgages'
	Offset mortgages 'are the future'
	UK house prices 'set to fall'
	Hybrid mortgages 'are a good deal' for FTBs
	UK public expects house price increase