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Yorkshire BS cuts cost of long-term fixes

Yorkshire Building Society has reduced rates on its five, seven and 10-year fixed rate deals. 

The mutual says it is seeing an increasing number of borrowers looking to lock in mortgage rates for the longer term, fuelled in part by ongoing Brexit uncertainty. 

Its five-year fixes now start at a rate of 1.84 per cent, available up to 65 per cent LTV, and with a fee of £1,495.

Borrowers looking to borrow up to 75 per cent LTV can get a five-year fix at 1.96 per cent. This deal comes with just a £495 fee and free legal fees. 

Homeowners who want longer term deals can choose from a new seven-year fixed rate mortgage at 2.42 per cent. This is available up to 85 per cent LTV and comes with a £495 fee. 

Similarly, Yorkshire is also offering a 10-year fix at 2.35 per cent. This is available at 65 per cent LTV, again with a £495 fee. 

Yorkshire Building Society’s senior mortgage manager Charles Mungroo says the mutual has seen a 44 per cent increase in borrowers looking for longer term fixes. 

He adds that the society has reduced fees on many of these deals as well as lowering rates. “With Brexit uncertainty potentially weighing on the mind of homeowners and buyers, we hope reducing rates will help borrowers get some peace of mind by being able to set their monthly repayments for up to the next decade.”

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