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Yorkshire BS offers discounted SVR mortgage range

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  • 03/10/2016
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Yorkshire BS offers discounted SVR mortgage range
Yorkshire Building Society has launched two discounted Standard Variable Rate (SVR) mortgages to first-time buyers, existing and remortgage customers at a fee of £845.

The two-year discount variable rate mortgages are offered at 1.15% to 65% loan-to-value and 1.23% to 75% loan-to-value.

The building society’s standard variable rate currently stands at a discounted rate of 4.74%.

Both mortgages are designed to give borrowers greater flexibility as they can redeem their mortgage at any time during the discounted period and will only incur a 1% early repayment charge.

Customers can also transfer their mortgage to a new property without charge.

Brendan Gilligan, mortgage product manager at Yorkshire Building Society, said: “Many borrowers continue to keep an eye on interest rates, and want to make the most of the low base rate environment.

“However, swap rates – upon which fixed rate mortgages are priced – have fallen so much recently that they are becoming cheaper to price than tracker mortgages.”

Gilligan advised that the rates on offer are variable which means it has the potential to rise or fall, therefore customers should take this into account in their budget.

Earlier in the year the building society launched its lowest fixed-rate mortgage available to buyers with a 10% deposit.

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