Yorkshire Tracker Mortgage Interest Rate Cut

Yorkshire Building Society has cut the interest rate on its  making the best buy tracker mortgage for those with a 15% deposit.

The new rate for this tracker mortgage is 3.79% – the Bank of England base rate + 0.5%.

This mortgage product has a £495 fee and offers a free valuation and legal fees to those people looking to remortgage. An offset mortgage version is available with a rate that’s just 0.10% higher.

Tom Girling, Mortgage Product Manager at the Society commented: “With the lion’s share of mortgage applications across the market being for variable rate loans, we expect to see a lot of interest from borrowers with this new best buy. The low fee should also prove very attractive for customers as many of the competitive deals in the market still come with high fees.”

Other mortgage products from Yorkshire include

• Best buy 2 year fixed rate mortgage at 3.09% for up to 60% LTV
• 3 year fixed rate mortgage at 4.14% for up to 75% LTV
• 2 year fixed rate first time buyer mortgage at 5.69% for up to 85% LTV.

Yorkshire Building Society is set to acquire the Chelsea Building Society on 1 April this year. It has also recently indicated that it intends to double its level of mortgage lending in 2010, this is a positive move coming after a reduction in its mortgage lending last year as a result of a need to be more cautious over lending and reduced market demand.