The new style five year product has been designed following research, which indicated that some consumers wanted the security of fixed payments in the early years of their mortgage, but then were happy to have a variable rate which would be linked to market conditions at that time.
The new product offers a very competitive 3.99% 2 year fixed rate for home movers (4.14% for those borrowers who are re-mortgaging) with a tracker rate during years three to five of 1.24% above the Bank of England base rate. Based on the current Bank of England base rate, the variable rate would be 4.99%.
As with all Yorkshire mortgages this new product is fully flexible, permitting unlimited overpayments without any charges (providing the loan isn't fully repaid), underpayments and payment holidays together with free accident, sickness and unemployment cover for six months.
Loans are available for up to 95% of the property value and customers can apply either at one of the Society's branches, by post or through the fully interactive website at - www.ybs.co.uk.
