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Building society cuts rates
5.09.2008
Yorkshire Building Society has announced that it is cutting the cost of its two-year fixed rate mortgage.
The firm said borrowers can now get a two-year fixed rate deal with a 75 per cent maximum loan-to-value with a rate of 5.29 per cent.
Tom Girling, mortgage product manager at the building society, said rates within the money markets are falling, enabling the firm to "pass on the benefit" to borrowers seeking new mortgage deals.
He commented: "The combination of falling rates together with the stamp duty holiday announced on Tuesday may encourage those buyers committed to buying a home to take that first step."
Responding to yesterday's base rate decision from the Bank of England, The Mortgage Works said it was not a surprise it kept it at five per cent.
However, money markets are "progressively lowering their expectation" of the base rate, with two-year swap rates having fallen significantly in the last month.
The firm said borrowers can now get a two-year fixed rate deal with a 75 per cent maximum loan-to-value with a rate of 5.29 per cent.
Tom Girling, mortgage product manager at the building society, said rates within the money markets are falling, enabling the firm to "pass on the benefit" to borrowers seeking new mortgage deals.
He commented: "The combination of falling rates together with the stamp duty holiday announced on Tuesday may encourage those buyers committed to buying a home to take that first step."
Responding to yesterday's base rate decision from the Bank of England, The Mortgage Works said it was not a surprise it kept it at five per cent.
However, money markets are "progressively lowering their expectation" of the base rate, with two-year swap rates having fallen significantly in the last month.