Yorkshire Building Society is cutting some of its fixed rate mortgage deals by up to 0.5%, as well as introducing a new low-rate product.
The Society says it is responding to consumer needs by offering products for customers who want low payments in the uncertain economic climate.
The new mortgage will have a rate of just 4.99% but with a high fee of 3%, and has been designed for borrowers wanting to keep monthly costs low.
Tom Girling, mortgage product manager at Yorkshire, says: “We understand that this mortgage will not suit all borrowers, but it is offered as an option for those who may be finding that their monthly income is stretched to the limit. For borrowers who can afford a little more each month, we have mortgage options with lower fees and no fee products.”
Yorkshire has also cut rates by as much as 0.5% on a selection of two-year, three-year, five-year and ten-year fixed rates.
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