Yorkshire Building Society has announced a reduction of up to 0.50% across its fixed mortgage range, in a move to pass on savings to borrowers amidst market interest rate volatility.
This decision comes despite the Bank of England’s recent increase of its base interest rate by 0.25% to 4.25%.
The mutual lender’s rate reductions, which took effect this morning, range from 0.20% to 0.50%.
The changes include the introduction of several competitive mortgage products, such as a five-year fixed rate mortgage aimed at first-time buyers, with rates dropping from 5.38% to 4.98%. Other offerings feature rate reductions below 4% and 5% within their respective categories.
Ben Merritt, director of mortgages, said: “Our mission is to offer the best value we possibly can to borrowers, to help them as they navigate historic cost-of-living challenges.”
He added: “The bright side of the ups and downs we’ve seen in market swap rates over recent weeks is that this brings opportunities to step in at the right time and grab competitively priced funding, that we can then pass on to borrowers, which is just what we’ve done in this instance.”
