Yorkshire Building Society launches new tracker mortgages

Yorkshire Building Society (YBS) has launched new tracker mortgages for up to 75% loan to value (LTV).

These tracker mortgages are being introduced further to the YBS new fixed rate offset mortgages launched in February.

There are two and three year tracker mortgages available.

• 2 year – Bank of England base rate + 2.89%, current rate 3.39%
• 3 year – Bank of England base rate + 3.09%, current rate 3.59%

As with the recently launched Woolwich lifetime tracker mortgage, there is a capped interest rate applied. YBS have set this cap at 5.39% for the 2 year tracker and 5.59% for the 3 year.

The Woolwich have set the cap at 5.99% for the period to end April 2012.

YBS have also set a minimum rate of 3% for the 2 year and 3.09% for the 3 year tracker.

Both mortgages are available for both house purchase and remortgages and there is an application fee of £995.

Mortgage Product Manager at YBS, Tom Girling, said ‘By combining a cap, a competitive rate and a sub £1k application fee we believe that these products offer the best combination of value in the market.’