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Yorkshire BS adds long-term fixed rates and Clydesdale Bank cuts rates – roundup

Anna Sagar
Written By:
Posted:
December 14, 2021
Updated:
December 14, 2021

Yorkshire Building Society has added a range of long-term fixed rates ahead of a mortgage maturity spike next year.

 

The range is aimed at both homebuyers and those looking to remortgage, with terms ranging from five to ten years.

According to the mutual, around £6.7bn of mortgages will mature in January, and combined with the expectation that mortgage rates will increase next year, the new range offers borrowers a chance to lock in lower rates for longer.

Highlights include a ten-year fixed rate at 75 per cent loan to value (LTV), which is priced at 1.94 per cent and has £250 cashback.

There is also a free-free 10-year fixed rate at 75 per cent LTV with a rate of 2.06 per cent.

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Products also include a seven-year fixed rate at 85 per cent LTV priced at 2.8 per cent, subject to a £495 fee.

The mutual has also added five-year fixed rates, one at 80 per cent LTV with a rate of 1.61 per cent with a £495 fee. There is also a fee-free five-year fixed rate at 95 per cent LTV at 2.9 per cent.

All of the above products come with free standard valuation.

Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: “These new deals will appeal to borrowers who want to get organised and arrange their remortgage ahead of the festive period.

“January is a significant month for remortgages but with it being a busy time of year there’s every chance sorting out a home loan falls down people’s priority list. Any borrowers due to remortgage at the start of the New Year could benefit from getting everything wrapped up before the year is out to avoid reverting to their lender’s standard variable rate and potentially paying more in interest.”

Clydesdale Bank cuts rates by up to 0.3 per cent

Clydesdale Bank has also reduced the rates of select residential products by up to 0.3 per cent.

Residential two and five-year fixed rates at 90 per cent LTV have been reduced by 0.3 per cent, with rates now starting from 1.68 per cent and 2.18 per cent respectively.

Two and five-year fixed rates at 85 per cent LTV have fallen by up to 0.11 per cent, with rates now standing at 1.63 per cent and 1.85 per cent respectively.

Two and five-year fixed rates at 95 per cent LTV have fallen by up to 0.27 per cent, with the two-tear fixed rate now starting from 2.58 per cent and the five-year fixed rate coming to 2.91 per cent.

The lender’s 95 per cent LTV fixed rates with a £999 fee will come with free valuation for purchase customers on properties up to £3m.

Certain two and five-year fixed rates at 75 per cent LTV have increased by between 0.05 and 0.11 per cent.