Yorkshire Building Society has launched the lowest ever five-year fixed rate at 2.64 per cent and cutting rates by up to 0.1 per cent.
An offset option is available for the five-year fix at 2.84 per cent and the product, which is available up to 60 per cent LTV, has a £1,495 fee. The product is available direct-only.
Moneyfacts notes this product represents the lowest five-year fixed rate on record, overtaking the Post Office’s 2.74 per cent rate as the market leader.
Seperately, Yorkshire is cutting the rate on its two-year fix up to 90 per cent LTV from 3.79 per cent to 3.74 per cent, with a £995 fee. A £495 fee alternative will be reduced from 4.04 per cent to 3.99 per cent.
A three year fixed rate up to 75 per cent LTV is being reduced from 2.69 per cent to 2.59 per cent. The £495 fee alternative for this will be reduced from 2.94 per cent to 2.84 per cent.
Yorkshire Building Society product manager Sunjeev Sahota says: “We have launched some fantastic two-year fixed rates products recently. But we are also committed to helping those customers who want to secure their payments over a longer term. That is why we have launched this market-leading, lowest-ever five year rate, which is available to customers with at least a 40 per cent deposit, and whether they are moving home or remortgaging.”
Yorkshire published its annual results last week, revealing a 12 per cent increase in new mortgage lending over the course of 2012 to reach £4.6bn.