"This week, favourable market swap rates presented just such a window to reduce our mortgage costs, and offer the greatest incentive to those people who typically struggle the most"
Yorkshire Building Society is launching its first sub-5% five-year fixed rate mortgage since the end of June, as well as reducing rates across its range.
From Monday, the lender is reducing rates across all LTV bands with the biggest cut, of up to 0.46%, applying to its 95% LTV products.
Maximum reductions at other LTVs range from 0.22% to a maximum of 0.25%.
Highlights include a 75% LTV five-year fix at 4.99% with a £1,495 fee for both house purchase and remortgage.
A five-year fix at 85% LTV now starts at 5.24% with a £1,495 fee, while a two-year fix at 95% LTV has reduced to 6.19% with a £1,495 fee.
Ben Merritt, director of mortgages at Yorkshire Building Society, said: “Throughout the interest rate volatility of recent months, we’ve consistently endeavoured to seize every opportunity to pass on value to hard-pressed borrowers.
“This week, favourable market swap rates presented just such a window to reduce our mortgage costs, and offer the greatest incentive to those people who typically struggle the most, those with the lowest deposits to put down, including first-time buyers.”
