Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Yorkshire Building Society Cuts Mortgage Rates for Second Time in a Week

Yorkshire Building Society has reduced mortgage rates for the second time in a week, introducing new lower rates across its fixed-rate mortgage products. The changes include reductions of up to 0.14% on two-year fixed rates for house purchase, up to 0.11% on three-year products, and up to 0.09% on five-year fixed deals.

For letting agents and inventory clerks, these rate reductions may influence buyer activity and demand for rental properties, as more competitive mortgage products could encourage home purchases.

Details of the New Rates

The society’s loyalty cashback range, which is available to existing members who have held a savings account for at least 12 months, now includes a two-year fixed rate up to 75% loan to value (LTV) for house purchase at 4.44%. This is down from the previous rate of 4.58%. This product comes with a £995 fee and standard valuation, and offers an additional £250 cashback for eligible members.

A five-year fixed rate up to 75% LTV for house purchase has also been reduced, now standing at 4.48%, down from 4.57%. This product also includes a £995 fee and standard valuation, with the loyalty cashback option available where applicable.

According to the report, these changes have resulted in a best buy option being added to the range. The reductions follow similar changes made by Yorkshire Building Society just last week.

Adam French, head of consumer finance at Moneyfactscompare.co.uk, noted that Yorkshire Building Society has cut rates across most of its mortgage range, and highlighted the 75% LTV deal for house purchase, which has been reduced by 0.14 percentage points to 4.44% and now appears in the latest Moneyfacts Best Buy tables.