New remortgage fix of YBS could save borrowers up to £3,400

Yorkshire Building Society will launch new remortgage products with competitive rates in response to demand from consumers.

YBS is promising borrowers that its new two-year mortgage, with fixed rate of 1.64 per cent and £345 product fee, could save them up to £3,400 over the fixed-term period compared to a standard variable rate remortgage. The product comes with free standard valuation and legal services.

Homeowners looking to switch to a longer-term fixed product may choose the society’s new five-year mortgage, with a fixed rate of 3.19 per cent and a £345 product fee. The product comes with free standard valuation and legal services with £500 cashback on completion.

Both, the two-year and five-year mortgage will be available from Monday, 19th January.

YBS said the new launches are based on their January research.

“It’s clear that January is a time when people begin to reassess their financial situation. For most people their biggest financial undertaking is their mortgage and it’s clear from these statistics that existing homeowners are visiting our website, looking to improve their deal for the year, “Brendan Gilligan, product manager for mortgages at YBS, commented.

“Whether borrowers are looking for a better value deal or make the most of any equity in their property, these mortgages allow them to take advantage of fixed rates at a time of year when we are all looking for a better deal,” he said.