Yorkshire's reduction of fixed mortgages rates

Yorkshire Building Society has announced it is to launch a new range of fixed rate mortgages with lower fees.

14:44 27 July 2004

Yorkshire Building Society has announced it is to launch a new range of fixed rate mortgages with lower fees.

As the third largest building society in the UK Yorkshire has decided to take advantage of recent reductions in the money market rates.

The new products provide a range of short, medium and long-term deals that are available both to people moving home and those who just want to move their mortgage.

The society's product development manager David Heshon, believes the new range has "something for everyone." He adds: "There are both long and short term deals and for those who think interest rates are likely to peak in the short term and then start to reduce again, the combined fixed and tracker deals are tailor-made."

Mr Heshon continued: "We are also pleased that unlike most of our competitors we are able to offer extremely competitive rates without a hike in application fee - at 325 our fee is now amongst the lowest on the market".

The fixed rate range gives borrowers unlimited over-payments, underpayments and payment holidays.

The fixed and tracker combined mortgages are also fully flexible, although over-payments are limited to ten per cent of the outstanding balance in the first five years.

The new range also provides an option to fix the mortgage rate for the first two years and then move onto a tracker rate for a further three years.