Yorkshire’s group direct product manager Chris Smith said fees are holding borrowers back, adding “we hope this will go in some way to help alleviate this problem.”

“In recent weeks, we have continued to reduce the rates of our fixed products, first time buyer products as well as introducing a drop-lock facility to our tracker mortgages so we really do have something to offer everyone,” he said.

The Yorkshire has also introduced a 3.39% two-year fixed rate mortgage product with a £95 fee up to 75% loan to value.

Yorkshire’s intermediary arm, Accord has also launched a range of fixed rates offered to 85% LTV.

The range includes a two-year at 2.99% up to 75% LTV with a £995 fee and a two year fixed rate at 4.09%, with a £995 fee to 85% LTV. A five year fixed rate at 3.99% with a £1,995 fee is also on offer to 75% LTV, with another at 4.99% with the same fee to 85% LTV.

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Steve McAvan, group intermediary product manager, said: “We have taken the opportunity to reflect recent activity in swap rates to reduce our fixed rate offering.

“Our range still feature products specifically tailored to an individual borrower’s needs, across a range of loan sizes, providing brokers with a genuine alternative to standard deals without asking them to compromise on rate.”