Yorkshire Building Society has lowered its mortgage rates by as much as 0.23%, with the largest cut to its Income Lifter product.
The five-year fixed Income Lifter product for house purchases, which offers up to 5.5 times income up to 95% loan to value (LTV), has been reduced from 4.66% to 4.43%. This has a £995 fee and a free standard valuation.
Elsewhere, its two-year fixed rates have been reduced by up to 0.2% and five-year fixes by as much as 0.23%.
The two-year fixed purchase product up to 60% LTV with a £995 fee and free standard valuation is now 3.87%, down from 3.89%. This product has an additional £250 loyalty cashback option for existing members of Yorkshire Building Society, or anyone recommended by one.
There is also a five-year fixed remortgage up to 85% LTV, with a £995 fee, and free legal service and standard valuation, which has been cut from 4.26% to 4.16%.
Further, the rate on its £5k Deposit Mortgage has fallen from 5.46% to 5.4%. This product allows borrowers to buy a home worth up to £500,000 with a £5,000 deposit.
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Gemma Hyland, product manager for mortgages at Yorkshire Building Society, said: “We’re delighted to be able to seize the opportunity to pass on even more value to our borrowers, and particularly those struggling to afford a mortgage against the ongoing challenge of high house prices compared to income levels.
“Our Income Lifter product – now priced even more competitively – provides an opportunity for them to borrow on average £16,000 or 6.5% more.”