Yorkshire Building Society has today (Thursday, 8 October) reduced rates across the board on its mortgage range.
Changes from the mutual lender include reductions of up to 0.50% on five-year fixed-rate mortgages for borrowers buying a home with just a 5% deposit, with selected rates reduced by up to 0.29% for those remortgaging.
Two-year rates on products up to 90% loan-to-value (LTV) are also cut by up to 0.21%, with five-year rates at 75% LTV reduced by up to 0.24%. For borrowers remortgaging with a 40% deposit, five-year rates also decrease by 0.25%.
Reductions include the loyalty cashback range, which provides an additional £250 cashback to members who have held a savings account with the mutual for at least 12 months. These members can also refer friends or family, allowing them to access the same offer.
Highlights from the new range, which include a variety of Best Buy* options, are:
- A five-year fix up to 95% LTV for those purchasing a property at 5.79% (was 6.29%). This comes with a £1495 product fee and standard valuation (£250 loyalty cashback option also available if applicable)
- A Best Buy* five-year fix up to 75% LTV for those purchasing a property at 4.97% (was 5.07%). This comes with a £1495 product fee and standard valuation (£250 loyalty cashback option also available if applicable)
- And a fee-free Best Buy* two-year fix up to 80% LTV for those purchasing a property at 5.34% (was 5.44%). This comes with standard valuation (£250 loyalty cashback option also available if applicable).
Tom Simpson, managing director of homes for Yorkshire Building Society, said: “This range refresh is part of our ongoing focus on helping more people to achieve homeownership. With a range of best buy products*, we're continuing to offer competitive value and choice for borrowers.”
Rachel Springall, finance expert at Moneyfacts, said: “It’s fantastic to see Yorkshire Building Society reduce mortgage rates for different fixed terms, which include deals available to first-time buyers and remortgage customers. Whether buying a property or remortgaging, deals that carry incentives can really help borrowers save on the upfront cost.”
