New mortgage helps first-time buyers get on property ladder with £5,000 deposit

A £5,000 deposit mortgage for first-time buyers has been launched by a building society, enabling aspiring homeowners to potentially borrow up to 99% of the property value.

Yorkshire Building Society said its new fee-free deal will enable first-time buyers across England, Scotland or Wales with a £5,000 deposit to purchase a property valued at up to £500,000.

For someone buying a typical first-time buyer property at £200,000, a £5,000 deposit would equate to 2.5% of the purchase price, with the remaining 97.5% being borrowed as