The mutual also cut rates on selected remortgage and house purchase options and added additional features to some of its mortgages including free standard valuation, free legal service and cashback on completion up to £500.
According to the Yorkshire Building Society more than £35 billion worth of mortgages are due to mature in September and October, prompting borrowers to look for new deals.
The two-year fixed rate deal at 1.19% is for up to 65% loan-to-value (LTV) and available to buyers and remortgage customers. It has a £995 fee and £500 cashback.
YBS is also offering a five-year fixed rate remortgage option at 75% LTV at 2.39%, with no product fee, free standard valuation, free legal service and cashback on completion of £250.
Maturity boom
Charles Mungroo, Mortgage Manager at Yorkshire Building Society, said: “With so many maturities in the next couple of months now is the perfect time to support those looking for a new deal with a range of different options to meet a variety of needs.
“We hope by reducing rates on mortgages and adding attractive additional features to selected mortgages it will ease the cost of remortgaging for borrowers and give them a helping hand at what can become an expensive time.”
Unfortunately, the product won’t be available to its brokers via Accord Mortgages. A spokesperson for the Yorkshire Building Society Group explained: “We believe it is important to provide borrowers with a choice of mortgage options across all of our brands including Yorkshire and Chelsea Building Societies, and through intermediaries via Accord Mortgages. We are dedicated to supporting brokers, and we regularly offer competitive mortgages specifically for the intermediary market.”
