Yorkshire Building Society has today (26 May) launched a 1.14 per cent two-year fixed rate mortgage - the lowest fixed rate available on the market.
Available to borrowers with a 35 per cent deposit, the mortgage has a £1,345 product fee and is available as an equivalent offset at 1.34 per cent.
Brendan Gilligan, product manager at Yorkshire Building Society, said: “We are really proud to launch this market-leading rate, which is the lowest fixed rate available from any provider.
“As a mutual organisation, we’re owned by our members and reinvest our profits back into the business in order to offer member the best rates on the market.”
Charlotte Nelson, finance expert from Moneyfacts, said: “This attention-grabbing 1.14 per cent two-year fixed deal from Yorkshire Building Society is the lowest fixed rate mortgage on the market today.
“It is available at 65 per cent loan-to-value (LTV), and thanks to its highly competitive rate, it will be a great choice for those who are looking to secure low monthly repayments.”
Adviser View
Ronan Marrion, mortgage specialist at Truro-based IFA Worldwide Financial Planning, said: “It is a welcome addition to the market and a sign of the low rates that are currently on offer.
“Potential borrowers though need to check through their options as this great rate comes with a significant arrangement fee.
“Dependent upon the borrowers circumstances it may well be that the fees free rate mentioned at the higher rate has a lower total cost over the two-year period.”
emma.hughes@ft.com
