£1000 Cashback with Yorkshire Bank for First Time Buyers
313°Expired

£1000 Cashback with Yorkshire Bank for First Time Buyers

16
Found 14th Feb 2016
If you save up for a deposit using Yorkshire Banks regular home saver account and in a year manage to save a 5% or 10% deposit then Yorkshire Bank will give you £500 or £1000 cashback for saving your deposit with them.

For some reason even they don't advertise this anywhere and your best bet is to go into a branch and ask about it.

I opened mine in December 2014 and bought my house in January of this year and got the cashback once the mortgage had gone through
Community Updates
Yorkshire Bank Deals

Groups

16 Comments
You only get the cash back if you take out their own first time buyers mortgage it says!!
Original Poster
Yes which is what I did and they gave me an extra £250 with no fees at 3.29% so I was happy overall
Good deal but only if YB mortgage deal rates are good.
j8ulia

Good deal but only if YB mortgage deal rates are good.


Exactly.... 3.29% doesn't sound like a market leading rate tbh, when there are rates starting at under 2%, admittedly for better LTVs.
Edited by: "jazzuk777" 14th Feb 2016
Good offer for those who have got this type of account, however it is no longer available to open as been replaced by the help to buy isa.
I'd be surprised if you can find a first time buyers mortgage under 2%! Good deal if u ask me
Original Poster
jazzuk777

Exactly.... 3.29% doesn't sound like a market leading rate tbh, when … Exactly.... 3.29% doesn't sound like a market leading rate tbh, when there are rates starting at under 2%, admittedly for better LTVs.



​Yes but for a total of £1250 cashback with no fees; I think 3.29% is not bad at all!
Original Poster
beyreal

Good offer for those who have got this type of account, however it is no … Good offer for those who have got this type of account, however it is no longer available to open as been replaced by the help to buy isa.



​My sister went in the other week and asked about it who said the offer was still there but not being advertised
Be careful to do the maths and compare with other providers.

For example, if you borrowed £159,000 on a £200,000 house as a first time buyer with Nationwide they would give you a Flexclusive 2 year tracker rate of 2.29% with no fees, unlimited overpayments and £500 cash back.
razk2k16

​Yes but for a total of £1250 cashback with no fees; I think 3.29% is not … ​Yes but for a total of £1250 cashback with no fees; I think 3.29% is not bad at all!


Haven't done the maths, but I strongly suspect the cashback would quickly be swallowed up by the extra interest
jazzuk777

Haven't done the maths, but I strongly suspect the cashback would quickly … Haven't done the maths, but I strongly suspect the cashback would quickly be swallowed up by the extra interest


Agreed, especially compared to a deal a commenter posted about that's a full percentage point cheaper and 500 notes cashback, so essentially this one equates to an extra 750 quid in the short term for 1% more interest on twenty years of borrowing. Long term borrowing like this needs to be viewed over its entire lifespan.

Put it another way, go ask someone who has a mortgage if they would pay 750 quid to knock their mortgage rate down by a whole percentage point. I bet they would bite your arm off.
A "Help To Buy ISA" would give you a far greater bonus / "cashback" than this (up to £3k) and you have the flexibility of choosing a mortgage from any provider.
norbie

A "Help To Buy ISA" would give you a far greater bonus / "cashback" than … A "Help To Buy ISA" would give you a far greater bonus / "cashback" than this (up to £3k) and you have the flexibility of choosing a mortgage from any provider.



Doesn't hurt to have both? you can only put 1k initial and 200pm into a help to buy isa
coerce86

Doesn't hurt to have both? you can only put 1k initial and 200pm into a … Doesn't hurt to have both? you can only put 1k initial and 200pm into a help to buy isa



True but the key thing is you're restricted to YB's mortgages which could be poor
Banned
Nationwide is doing also £500/£1000 cashback for saving up for deposit PLUS another £500 cashback if you are first time buyer + You can couple this with the help to buy ISA that gives you up to £3000 extra when you save up to £12000 ( £200 every month)

Edited by: "229mel" 14th Feb 2016
Post a comment
Avatar
@
    Text