Yorkshire pushes down mortgage costs

Thursday, 14 August 2008 12:00

Yorkshire Building Society has announced it is to cut the cost of short-term fixed-rate mortgage borrowing for the second time in a week.

A new range of two, three, five, and ten-year 'best buy' fixed-rate mortgages is being launched on August 15th, with reductions of up to 0.45 per cent from the current range.

For example a two-year fixed-rate deal is now available from the lender at a rate of 5.74 per cent. It comes with a maximum loan-to-value (LTV) ratio of 75 per cent and a fee of £995.

A similar interest rate is available for products of three and five-years, with similar fees and LTVs.

Tom Girling, Yorkshire's product manager for mortgages, said: "Swap prices have come down this week so we can pass on the benefits to hard pressed borrowers.

"Not only are these best buy products, they also offer £500 cashback and a free valuation and legal service for re-mortgage customers."

For a ten year deal Yorkshire charges 5.84 per cent, again with a 75 per cent LTV and a £995 fee.

A selection of 90 per cent LTV products are also available, at up to 0.40 per cent extra as well as a fee-free product in each range.

Chris O'Toole

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