Yorkshire Building Society has reduced select mortgage rates, including its recently launched £5,000 deposit product.
Yorkshire Building Society’s £5,000 Deposit Mortgage product, which provides mortgages to first-time buyers with a £5,000 deposit, has seen a 0.15% rate reduction and is now priced at 6.24%.
This option was launched in March and the mutual will lend against properties up to a maximum value of £500,000, meaning borrowers can effectively access a 99% loan-to-value (LTV) mortgage.
Other reductions include a two-year fixed rate, down from 4.54% to 4.39%, at 75% LTV. This is available for remortgage, has a £1,495 fee, and offers a free standard valuation as well as a free remortgage legal service.
There is also a three-year fixed remortgage deal that has been lowered from 4.49% to 4.34%, up to 75% LTV. This also has a £1,495 fee, free standard valuation and free remortgage legal service.
At 90% LTV, Yorkshire Building Society has reduced the mortgage rate of a five-year fixed purchase product from 5.44% to 5.24%. This has no fee, offers £2,000 cashback and comes with a free standard valuation.
Aidan Smith, product manager at Yorkshire Building Society, said: “We’re delighted to announce our second August rate cut, and particularly pleased that the window of opportunity provided by market conditions has enabled us to lower the cost of our £5,000 Deposit Mortgage, offering a much-needed helping hand to first-time buyers.
“We’ll continue to closely watch developments with a view to seizing further opportunities to pass on further value wherever possible.”
Rachel Springall, finance expert at Moneyfacts, added: “It’s great to see Yorkshire Building Society cut mortgage rates, particularly on deals that offer incentives and are available to borrowers looking to remortgage.
“These are the deals [that] could be in high demand in the months ahead for those coming off a fixed deal, or for those [who are] sitting on a variable revert rate and are keen to refinance.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
