18 Aug

Homebuyers offered cut mortgage rate

Homebuyers offered cut mortgage rate

Homebuyers who have a 15 per cent deposit have been offered a reduced mortgage rate deal.

Yesterday (August 17th 2010), Yorkshire Building Society announced that it will cut its rates for homebuyers in an attempt to "offer peace of mind when it comes to mortgage repayments".

The deal will see the mortgage reduced to 4.58 per cent for a three-year fixed-rate, as well as a two-year fixed-rate at 3.99 per cent and a three-year tracker mortgage at 3.49 per cent.

Chris Smith, senior product manager for mortgages, said the offer was produced to "suit borrowers' pockets".

He added that the tracker deal gives buyers the flexibility of being free from early repayment charges after the first two years of the mortgage.

The fixed-rate deal also provides security for homeowners who are concerned about a rise in interest rates.

Fixed-rate mortgages have increased in popularity lately after the Council of Mortgage Lenders recently revealed that 28 per cent of borrowers chose a fixed-rate loan in June - the highest proportion during 2010 so far. ADNFCR-1222-ID-800030345-ADNFCR

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