What next for mortgage rates? This is Money
Yorkshire BS has launched a track and fix mortgage that lets borrowers have their cake and eat it over five years. The tracker starts with a pay rate of 2.29% (base rate plus 1.79%) and runs for two years and then fixes for three years at 3.79%.
It has previously offered a similar deal through its broker lending arm Accord and borrowers who can raise a 40% deposit and justify the 995 fee will find it very tempting.
It comes in an environment, where five-year fixed rates just keep on falling. Chelsea BS has cut its best five-year fixed rate down to 3.39%, marking the latest in a round of mortgage cuts.
The deal comes with a hefty 1,495 fee and borrowers need a 30% deposit and can take on loans of between 25,001 and 1 million.
This marks a new low for five-year fixes and goes up against Chelsea’s stablemate Yorkshire BS’ best five-year fix at 3.49%, with a 995 fee and 25% deposit requirement.
Just a few weeks ago, I was writing
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