This follows comments made by the Bank of England’s governor Andrew Bailey this week, where he suggested to the Treasury Select Committee that interest rates could be nearing their peak.
The mutual’s two-year fixed rates have been cut by up to 0.2 per cent and its three-year fixed rates are lowered by as much as 0.41 per cent. Its five-year fixed rates have gone down by around 0.2 per cent.
The lender is launching 10-year fixed rates with rates up to 0.23 per cent lower than its previous offering and trackers have been reduced by around 0.25 per cent.
A five-year fix for house purchase up to 95 per cent loan to value (LTV) is priced at 5.69 per cent, with a £995 fee, free valuation and £250 cashback.
The lender’s five-year fix up to 90 per cent LTV is 5.40 per cent, again for house purchase, also with a £995 fee as well free valuation.
The firm’s five-year fixed rate for remortgage comes to 5.31 per cent with a £495 fee, up to 75 per cent LTV, with free legal and £250 cashback.
Ben Merritt, director of mortgages at Yorkshire Building Society, said: “We’ve remained committed to passing on as much value to our borrowers as possible, throughout the market volatility we’ve seen over the past year, and these rate reductions are the latest example of that.
“We hope these latest reductions will go some way towards helping people withstand the current cost-of-living challenges, as positive signals emerge that we could be heading for a more stable interest rate environment overall before too long.”
