The direct-only deal is available to customers with a 35% deposit and comes with a £1,369 product fee. The lender has also cut rates across its range by up to 0.35%.

Customers can also opt for a lower product fee of £345 at a 1.44% two-year fixed rate and 65% loan-to-value (LTV).

A range of fee-free mortgages with £1,000 cashback and free standard valuation were launched by the lender last week.

Mike Regnier, Yorkshire Building Society’s chief commercial officer, said: “We are a responsible mutual lender which uses its financial strength to support its members rather than external shareholders.

“This means we can offer our members very competitive rates in order to enable them to buy the home of their choice. Earlier this year, we launched a 1.18% mortgage, which was then our lowest-ever rate to date, and we are now very proud to better that by offering the UK’s lowest-ever two-year fixed rate mortgage of 1.07%,” he added.

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