The
Yorkshire Building Society has reduced the
rates on a number of their
fixed-rate mortgages by as much as 0.3 per cent, the
company announced today. The Society has introduced new
mortgage rates on their two and five year products, lowering them to 4.79 per cent and 5.14 per cent respectively.
All
Yorkshire Building Society mortgages are charged
interest on a daily basis, meaning that the changes will be effective immediately. Those customers who choose a Yorkshire Building Society
Fixed Rate Mortgage have a certain amount of flexibility in their
loan arrangement. Customers can overpay, underpay or even take breaks in
payment within agreed levels.
The
product development manager at Yorkshire, Mr. David Heshon, reportedly said: "A number of
borrowers are becoming increasingly worried about the cost of
homeownership as
interest rates are expected to rise and most utility bills have seen a large price hike this year. We are therefore finding more people wanting the payment security of a fixed rate mortgage."
The move could perhaps spark a trend towards lower fixed-rate
mortgage products, following the increases in their rates earlier this year.
Tracker mortgages are currently regarded as the most competitive
loans on the market.
