Yorkshire Building Society reduces mortgage rates for second time in two weeks by up to 0.25 per cent
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Yorkshire Building Society reduces mortgage rates for second time in two weeks
YORKSHIRE BUILDING SOCIETY
Yorkshire Building Society reduces mortgage rates for second time in two weeks
Yorkshire Building Society is today reducing its mortgage interest rates by up to 0.25 per cent, for the second time in two weeks.
Analysts believe the Bank of England base rate could come down on August 1, signalling lenders to lower the rates they charge customers.
From today, Yorkshire Building Society customers can benefit from a new product range when looking for mortgage deals including:
A two-year fixed rate at 4.69 per cent (was 4.89 per cent), up to 75 per cent LTV, available to house purchasers, with a £1,495 fee and free standard valuation.
A three-year fix at 5.04 per cent (was 5.29 per cent), up to 80 per cent LTV, available to house purchasers and remortgagors, with no fee and free standard valuation.
And a five-year fix at 4.49 per cent (was 4.59 per cent), also up to 75 per cent LTV, available to remortgagors, with a £1,495 fee, free valuations and no remortgage legal fees.
The building society is offering competitive mortgage rates
YORKSHIRE BUILDING SOCIETYAidan Smith, mortgage product manager, said: “We’re delighted to be able to reduce rates across our Yorkshire Building Society mortgage product range for the second time in a fortnight.
“We continue to keep a close eye on market developments in order to seize every opportunity to pass on extra value to borrowers.”
TSB has also made reductions to its mortgage rates for residential and buy-to-let borrowers by up to 0.2 per cent.
Across its residential range, TSB is lowering pricing for two-, three- and five-year fixed deals by as much as 0.15 per cent for first-time buyers and home movers up to 85 per cent loan to value (LTV).
Its five-year fixed remortgage up to 90 per cent LTV will also be reduced by as much as 0.2 per cent.
For buy-to-let borrowers, TSB is cutting mortgage rates by up to 0.1 per cent on two-year fixed purchase products up to 60 per cent LTV.
Similar reductions have been made to two-year fixes between 60 and 75 per cent LTV with £995 and £1,995 fees.
Last week, Barclays cut its mortgage rates by up to 0.33 percentage points and Halifax, First Direct, Nationwide and Virgin Money also made cuts.
Many people stick with the same lender when the time comes to remortgage, however by speaking with a professional mortgage broker, Britons can find the best deals on the market.
Aaron Strutt from mortgage broker Trinity Financial said there was “more positive news” coming from lenders.
He suggested anyone who had recently agreed to a new deal might still have time to renegotiate something better.
While the moves have led some to suggest sub-4 per cent deals could return to the market soon, others are more cautious.
A recent report by the Bank of England, said that about three million households were set to see their mortgage payments rise in the next two years, including 400,000 mortgage holders who were facing some “very large” payment increases.
About 1.6 million existing borrowers have relatively cheap fixed-rate deals expiring this year.
They may be moving off a rate of less than two per cent so face significantly higher repayments on their next home loan.