Good news for homebuyers and those looking to remortgage – Yorkshire Building Society and Santander are the latest lenders to announce mortgage rate cuts. This follows similar moves by Accord and TSB, offering some much-needed relief for borrowers.

Yorkshire Building Society Makes a Move

Yorkshire Building Society is cutting rates for the second time in just two weeks, with reductions of up to 0.25% (25 basis points) on selected deals. These include:

• Three-year fixed-rate mortgage: Borrowers can now secure a rate of 5.04% for a three-year fixed-rate mortgage at 80% loan-to-value (LTV). This deal comes with no fee and a free standard valuation and is available for both remortgages and home purchases.
• Two-year fixed-rate mortgage: For those buying a new property, a two-year fixed-rate mortgage at 75% LTV is now available at 4.69% with a £1,495 fee. This deal also includes a free standard valuation.
• Five-year fixed-rate mortgage: Looking for a longer-term deal? A five-year fixed-rate mortgage at 75% LTV is now available for remortgagers at 4.49% with a £1,495 fee. This deal comes with the added bonus of free valuation and legal fees.

Santander Joins the Rate Reduction Trend

Santander is also joining the rate reduction trend, with cuts of up to 0.15% (15 basis points) across a range of their mortgage products from tomorrow. Here’s a breakdown of the changes:

• Residential fixed rates: New borrowers can benefit from reductions of up to 0.14% on selected fixed-rate mortgages, while those looking to switch to a new deal with Santander can enjoy cuts of up to 0.11%.
• Large loan rates: Borrowers with large loans will see reductions of up to 0.11% on fixed-rate mortgages and 0.15% on two-year tracker mortgages.
• Buy-to-let rates: Landlords are also included in Santander’s rate cuts, with reductions between 0.04% and 0.13% on buy-to-let mortgages.

What This Means for You

These rate cuts from Yorkshire Building Society and Santander could mean significant savings for borrowers, particularly in light of the recent increases in the Bank of England base rate. If you’re considering buying a home or remortgaging your current property, it’s worth comparing deals from different lenders to ensure you’re getting the most competitive rate.