Yorkshire Building Society has launched a range of new mortgage products offering competitive interest rates across various LTVs.

The lender has also launched a fee-free 95% first-time buyer mortgage, for those with just a 5% deposit, which Moneyfacts said is a best buy at just 5.08% with £1,000 cashback and a free valuation.

Rachel Springall, finance expert at Moneyfacts said: “It is great to see Yorkshire Building Society launch these competitively priced products, two of them Moneyfacts Best Buys, one of which may well entice first-time buyers who have a small 5% deposit and are searching for a cost-saving package.”

What’s on offer?

Yorkshire’s other new mortgages include:

• A fee-free five-year fix at 4.74%, for house purchase and remortgage, up to 90% of the property’s value, with free standard valuation.
• A five-year fixed rate mortgage at 4.18% with a £1,495 completion fee, available for house purchases up to 75% of the property’s value, including free standard valuation
• A fee-free two-year fixed rate mortgage at 4.82%, for house purchase and remortgage, up to 75% of the property’s value, with free standard valuation
• A five-year fix at 4.93%, with a £995 completion fee, up to 95% of the property’s value, with £250 cashback, and again with free standard valuation.
• A two-year fixed OFFSET mortgage at 4.87%, up to 75% of the property’s value, for house purchase and remortgage, with a completion fee of £995 and free standard valuation
• A five-year fixed OFFSET mortgage at 4.44% to 75% of the property’s value for house purchase and remortgage, with a £995 completion fee and free standard valuation.

New tracker mortgages

The Yorkshire has also doubled its range of tracker products, from six to 12, in reflection of the increased popularity of these products over recent months.

Ben Merritt, director of mortgages at Yorkshire Building Society, said: “We’re acutely conscious that, as 2023 gets under way, borrowers are looking for fresh chinks of hope when it comes to their cost-of-living concerns, and the amount they pay for their mortgages is a major expense.

“This is why we wanted to get the new year off to the best possible start, by launching a competitively priced new product range, which includes sub-5%, product options at all LTV tiers.

“With market rates starting to show signs of settling a little lower than their recent peak, we felt now was the right time for us to offer borrowers even better value.

“We will continue to monitor external developments closely, and ensure that we offer our borrowers the consistent good value which is at the core of our mutual building society ethos, coupled with our flexible approach to lending, designed to cater for people’s needs in a more complex and challenging market environment.”