Yorkshire Building Society was deluged last weekend with over 400 requests for five and 10-year fixed rate mortgages, following the Bank of Englands hike in the rate of interest.
Consumer demand has prompted the building society to rush out a new range of products for January 19.
YBS says the highlights from the new products, include a ten-year fixed rate, at 5.35%, with a 595 application fee. And a five-year fixed rate, at 5.49%, with a 595 applicatioin fee.
Andy Caton, corporate development Director at YBS says, All lenders were taken by surprise at last weeks rise in the Bank of England base rate. It came a month earlier than we were anticipating and judging from the volumes of business we did last weekend, it took the public by surprise also!
The money markets are already factoring in a further rise next month so most of our new range of mortgages is between 0.30% and 0.40% higher than before. It is worth making the point however that despite some commentators suggestions to the contrary, this new range of products is producing no extra profit for the Society compared to the previous range.