Huge rise in number of cheap five-year fixed-rate mortgages
A cap of 5.39 per cent has been placed on the two-year mortgage, which is normally priced at 2.89 per cent above the Bank of England's base rate, and a cap of 5.59 per cent has been placed on the three-year mortgage, which is normally priced at 3.09 per cent above the base rate.
Tom Girling, mortgage product manager for Yorkshire Building Society, said: By combining a cap, a competitive rate and a sub �1,000 application fee we believe that these products offer the best combination of value in the market.
Mortgage customers have recently been urged by broker Money Workout to cap their tracker rates now, with the firm telling the Daily Telegraph that loan-to-value ratios may increase within a few months.
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