Yorkshire Building Society has introduced a new two-year fixed rate mortgage at an interest rate of 1.19%.
The mutual has cut rates on selected remortgage and house purchase options and added additional features to some of its mortgages including free standard valuation, free legal service and cashback on completion up to £500.
More than £35 billion worth of mortgages are due to mature in September and October, prompting borrowers to look for new deals.
Buyers and remortgage customers looking to take advantage of low rates could benefit from the two-year fixed rate at 65% loan-to-value (LTV) at 1.19%. This mortgage comes with a £995 fee and £500 cashback.
Those looking to lock-in a low rate for longer and receive help with upfront costs could opt for the Society’s five-year fixed rate remortgage option at 75% LTV at 2.39%, which has no product fee and comes with free standard valuation, free legal service and cashback on completion of £250.
Charles Mungroo, mortgage manager at Yorkshire Building Society, said: “With so many maturities in the next couple of months now is the perfect time to support those looking for a new deal with a range of different options to meet a variety of needs.
“We hope by reducing rates on mortgages and adding attractive additional features to selected mortgages it will ease the cost of remortgaging for borrowers and give them a helping hand at what can become an expensive time.”
Rachel Springall, finance expert at Moneyfacts, said: “This new deal from Yorkshire Building Society is likely to be popular with borrowers looking for a competitive rate with a trusted brand. As with any deal, applicants would be wise to calculate the overall true cost to find the most cost effective deal for them.”
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