The reduced rates have been introduced across the Society’s two, three and five-year terms for buyers and borrowers looking to remortgage.

Two short-term loan options are available with a two-year fix at 3.34% at 95% loan-to-value (LTV) or a three-year fix at 2.48% at 90% LTV. Both products come with a £1,495 product fee.

Customers looking for a longer-term fix can opt for a five-year deal at 1.93% with a 35% deposit and a £995 product fee.

Brendan Gilligan, mortgage product manager for Yorkshire Building Society, said: “These reductions not only offer borrowers a choice of competitive options with a range of deposits but also provide them with the security of knowing how much their mortgage repayments will be for the next couple of years.”