Taking out a loan with Yorkshire Building Society is now more affordable for prospective buyers with a 15 per cent deposit.

First-time buyers who are looking for a 85 per cent loan-to-value mortgage can now access the new market-leading three-year fixed-rate deal for 4.95 per cent with a fee of £495.

There is also a two-year fixed rate offer with a 3.99 per cent rate and a three-year tracker product that is tied to the Bank of England base rate plus 2.99 per cent which also has a £495 fee.

Those who do opt for the three-year tracker have the benefit of not being given any early repayment charges in the final year.

Chris Smith, senior product manager for mortgages, said: "Our new range of mortgages for people with a 15 per cent deposit offers great value and ... we should have something that will appeal to everyone."

The need for prospective buyers to have a large deposit was recently criticised by Ray Boulger of John Charcol.

Written by Graeme Pieterson

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