The mutual has extended its £2,000 cashback product from first-time buyers to all borrowers and brought in a £100,000 minimum loan size for these deals.
The lender’s no-fee five-year purchase fixed rate at 90 per cent loan to value (LTV) is 5.24 per cent, down from 5.54 per cent. It comes with free standard valuation and £2,000 cashback.
Its fee-free five-year purchase fixed rate at 95 per cent LTV has fallen from 5.94 per cent to 5.59 per cent. It also has free standard valuation and £2,000 cashback.
The lender has added two and three-year fixed rate mortgages at 4.84 per cent up to 75 per cent LTV, which come with a £1,495 fee, free standard valuation and free remortgage legal services.
The firm’s no-fee two-year fixed purchase rate at 90 per cent LTV is priced at 5.64 per cent, a decrease from 5.69 per cent. It has free standard valuation.
Its two-year fixed purchase rate at 85 per cent LTV is 5.39 per cent, a fall from 5.49 per cent. It has a £495 fee, free standard valuation and £250 cashback.
The firm’s A five-year fixed purchase rate at 75 per cent LTV has fallen from 4.59 per cent to 4.39 per cent. It is subject to a £1,495 fee and free standard valuation.
Yorkshire Building Society’s mortgage product manager Aidan Smith said: “Since November, when data revealed that inflation was falling faster than predicted, the markets have responded very positively and we’ve seen the prevailing rates lenders base their product pricing on, shift steadily down week-on-week.
“We’ve continually monitored such trends over the past year, with a view to seizing every opportunity we can to pass savings on to our borrowers, to help cushion them from the impact of the ongoing economic volatility and cost-of-living crisis, and this is the latest example of that.
“We’re particularly pleased to have been able to support those with lower deposits, who arguably need help the most, with some of our highest rate reductions aimed at them.”
TSB tweaks interest-only criteria
TSB said that it had changes its interest-only criteria to make it more “flexible”.
The lender said that from 7 December it would accept the sale of property as repayment security up to 60 per cent loan to value (LTV).
A further 15 per cent may be taken on a repayment basis taking the overall LTV up to maximum of 75 per cent.
The firm said it was an acceptable repayment vehicle where the applicant intends to sell their home (the mortgage is secured on) to repay the capital at the end of the mortgage term.
The property should have a minimum equity of £300,000, maximum term of 30 years, maximum age of 70 years, no lending into retirement, minimum income of £75,000 for a sole applicant or £100,000 for joint borrowers.
First-time buyers and second homes are acceptable, but studio flats, affordable housings schemes and debt consolidation are not.
