The new mortgage, called Your Choice, offers borrowers a three year tracker rate with the option to drop into a fixed rate at any point during the special rate period without additional charges. The mortgage, like all Yorkshire mortgages, is fully flexible allowing lump sum repayments, overpayments, underpayments and payment holidays at any time without charge. Interest is calculated on a daily basis and accident, sickness and unemployment cover is provided free for the first six months.
The tracker rate on Your Choice is 0.25% above the Bank of England base rate, giving a current rate of 4.25%, and the fixed-rate option has been set at 4.99%. Yorkshire is the only provider of this mortgage type to set the fixed rate option at the outset. There is no cost to the borrower for transferring into the fixed rate product. There is also a package available providing assistance with fees.
