Yorkshire Building Society has made rate cuts to its mortgage range, putting fixed pricing below five per cent and its tracker mortgage at less than four per cent.

Reductions of between 0.2 and 1.16 per cent have been made.

There is a five-year fix at 75 per cent loan to value (LTV) with a rate of 4.94 per cent, down from 5.34 per cent with a £1,495 completion fee.

Its two-year tracker mortgage has a rate of 3.29 per cent, down from 4.15 per cent. This has a £995 completion fee and is also available at 75 per cent LTV.

Ben Merritt, director of mortgages at Yorkshire Building Society, said: “We’re acutely conscious that people are feeling the squeeze from a variety of directions at the moment, with the rising cost of living and, more recently, the increasing interest rate environment prompted by the Bank of England’s decision to make successive changes to its base rate to try to control inflation.

“With market rates starting to show signs of settling a little lower than their recent peak, we decided there is a perfect opportunity for us to offer our borrowers even better value.”

He added: “As a mutual building society, we were established to help borrowers overcome challenges and we hope this extensive set of rate reductions will go some way towards easing the strain for people looking to buy or remortgage their home at the present time.”