Yorkshire Building Society has announced the launch of a new loyalty cashback mortgage range, demonstrating its ongoing commitment to rewarding its long-term savers.
The new offer is open to savers who have been members of the Society for at least a year. Eligible customers can benefit from an additional £250 cashback when they take out a qualifying loyalty cashback mortgage, over and above any other cashback included with the chosen product.
The main requirements for this offer are a minimum of 12 months of membership with the Society, residency in the UK, and the absence of a current mortgage with the Society.
In a unique move, Yorkshire Building Society is extending this offer to include family and friends of eligible savers. Members who don’t require a mortgage themselves can share this benefit with someone who does, by using a one-time loyalty code.
To access this offer, savers can contact the lender or visit their local branch to arrange a mortgage appointment, or request a loyalty code for a friend or family member.
Ben Merritt, director of mortgages at Yorkshire Building Society, explained the rationale behind the new range, saying: “This is another example of how we’re rewarding our savers and, as a mutual organisation, encouraging member loyalty – something which is very precious to us.”
Merritt also emphasised the Society’s commitment to its members, adding: “This new range really demonstrates the suite of benefits members have access to when they join the YBS family, and to help more people reach such benefits, we’re also providing our existing members with the ability to pass it on.”
Recognising that many of its savers might not need a new mortgage at the moment, the Society hopes that they will know someone who does, such as a younger family member looking to get onto or move up the property ladder, or a friend looking to remortgage.
Merritt concluded: “We hope the extra cashback provided by the new range will be welcome – especially in the current climate where every penny counts.”
