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Yorkshire tracker guarantees 4.99% fixed option

Yorkshire Building Society is offering what it claims is the only tracker mortgage guaranteeing from the outset a future fixed-rate option set at 4.99 per cent.

The Your Choice three-year tracker has a rate of 0.25 above the Bank of England base rate until November 2005, giving a current rate of 4.25 per cent.

But Yorkshire says to give borrowers the security of controlling future payments, they can transfer into a fixed rate of 4.99 per cent at any time during the three-year period, regardless of what happens to the BoE base.

The loan has a maximum loan to value of 95 per cent and is flexible, offering daily interest calculations, overpayments, underpayments and payment holidays.

The average procuration fee available through Yorkshire&#39s partnerships with mortgage clubs and networks is 0.3 per cent of the loan.

General manager (marketing) Iain Cornish says: “Your Choice is a unique product. Borrowers benefit while interest rates are low but they have the added security of a very competitively priced fixedrate cushion.”

Wriglesworth Consultancy managing director John Wriglesworth says: “It is innovative and attractive and is probably unique as borrowers have the flexibility to choose between a tracker and a fixed rate.”

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