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Yorkshire cuts flexible rate

Yorkshire Building Society is reducing its flexible mortgage rate to 6.45 per cent from 6.75 per cent.

Yorkshire is writing to borrowers inviting them to convert from the annual interest standard variable rate to the daily interest flexible rate.

Yorkshire chief executive David Anderson says: “we will step up our programme of writing to borrowers starting with the longest standing. We expect to complete the exercise in the next 12 months.”

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