Yorkshire announces cuts to fixed rate mortgages

02 August 2006
Yorkshire Building Society has unveiled plans to cut 0.3 per cent off its fixed rate mortgage products, effective this Friday, August 4th.

The new rates will be 4.79 per cent for its two-year product and 5.14 per cent for its five-year offering.

A fee of £595 is applicable to each mortgage, although, as with all Yorkshire products, interest is calculated on a daily basis to ensure the benefit of any payments is felt immediately.

David Heshon, Yorkshire's product development manager, said that people were looking towards fixed rate mortgage products to ensure security amid the instability of other related industries and the economy.

"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," Mr Heshon added.

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