The mortgage will have an interest rate of Bank Base Rate plus 3.49% in year one, dropping to BBR plus 2.99% in year two and BBR plus 1.49% in year three.
The product fees on this mortgage are £495 and those people looking to remortgage can also benefit from free valuation and free legal fees.
Steve McAvan, senior product manager for mortgages, Yorkshire Building Society said: "With UK interest rates still at historically low levels, it is widely expected that Bank of England base rate will increase over the next few years. This product will help protect customers from these rises as the stepped rate comes down throughout the term of the product."
