Spotlight: Yorkshire Building Society 3-Year Fixed 5.84%

Times are still tough for first-time buyers. The stamp-duty holiday, which has meant properties under £175,000 have been exempt from the levy, ends on 31 December. But there has been some good news.

Yorkshire Building Society has this week launched a new range of mortgages for first-time buyers with a deposit of 15 per cent or more. Its three-year fixed rate of 5.84% with no fee is a market-leading deal and includes £500 cashback, a free survey and legal work.

The survey is a basic valuation and, although this is all you need for lending purposes, unless you are buying a new-build you should probably get a more detailed survey as this won't identify any structural problems. The "free legal work" only covers basic conveyancing costs and does not cover search fees and land registry charges.

Bear in mind though, that an early redemption charge applies during the fixed term, so you will be charged a penalty if you want to redeem the mortgage during that time.