Yorkshire Building Society is reducing interest rates across its mortgage range by up to 0.20%, with immediate effect, including a new best buy product.
Marking its second rate cut this month, highlights from the society’s new product offering include a best buy 2-year fixed rate at 4.39% up to 75% LTV, for remortgage purposes, with a £1,495 fee, free standard valuation and free remortgage legal service.
The society is also introducing a 3-year fix at 4.34% (was 4.49%) up to 75% LTV, for remortgage, up to 75% LTV with a £1,495 fee, free standard valuation and free remortgage legal service, as well as a 5-year fix at 5.24% (was 5.44%) up to 90% LTV, for house purchase, with no fee, £2,000 cashback and free standard valuations.
The society also reduced the rate on its standout £5,000 deposit mortgage 5-year fix, to 6.24% (was 6.39%), allowing borrowers to buy a home worth up to £500,000 with a £5,000 deposit, with no fee and free standard valuation.
Aidan Smith, product manager, said: “We’re delighted to announce our second August rate cut, and particularly pleased that the window of opportunity provided by market conditions has enabled us to lower the cost of our £5,000 Deposit Mortgage offering a much-needed helping hand to first-time buyers.
“We’ll continue to closely watch developments with a view to seizing further opportunities to pass on further value wherever possible.”
Rachel Springall, finance expert at Moneyfacts, said: “It’s great to see Yorkshire Building Society cut mortgage rates, particularly on deals that offer incentives and are available to borrowers looking to remortgage.
“These are the deals which could be in high demand in the months ahead for those coming off a fixed deal, or for those sitting on a variable revert rate and are keen to refinance.”
