New fixed rates from Yorkshire Building Society

Yorkshire Building Society will launch two market-leading flexible fixed rate mortgages this week, with two-year rates from 4.49% and five-year rates from 5.24%.

The new mortgages are available up to 95% of the property value, and offer borrowers a choice of either the lowest fixed rate on the market, or a slightly higher rate which has no arrangement fee and provides assistance with valuation and legal fees.

As with all Yorkshire mortgages free accident, sickness and unemployment cover will be provided for six months, and will be fully flexible with daily interest calculations and under and overpayments permitted without any penalty charge. Early repayment charges will be applicable if the mortgage is fully redeemed during the fixed rate period.

The new products can be used for either house purchase or re-mortgage and are available to existing as well as new borrowers. At the end of the fixed rate period each mortgage will revert to the society&#39s variable mortgage base rate, currently 5.45%. There are no early repayment charges beyond the special rate period.

Iain Cornish, general manager of marketing at Yorkshire Building Society, says: “Two weeks ago we launched the cheapest fixed rate mortgages available, but these headline rates have since been mirrored by some competitors. The products we are launching this week show that Yorkshire remains ahead in the mortgage field and continue to offer its members outstanding long term value.”

He adds: “As the new mortgages, like all our new mortgages, are fully flexible, borrowers benefit not only from the excellent rates but also from tailoring their mortgage payments to their circumstances throughout the term of the loan. These flexible products put the borrowers firmly in control of how and when their mortgage is repaid.”

Full product details are:

• 2 Year Flexible Fixed Rate 4.49% – until 30/11/2004Maximum 95% loan to value

• Arrangement fee of £325

• 2 Year Flexible Fixed Rate 4.79% – until 30/11/2004Maximum 95% loan to value

• Assistance with legal and valuation fees

• No arrangement fee

• 5 Year Fixed Rate 5.24% – 5 years from completionMaximum 95% loan to value

• Arrangement fee £325

• 5 Year Fixed Rate 5.39% – 5 years from completionMaximum 95% loan to value

• Assistance with legal and valuation fees

• No arrangement fee