Yorkshire Building Society has announced another round of mortgage rate cuts just weeks after their last reduction.

This means potential savings for anyone looking to get a mortgage or switch their current deal.

How much have rates been cut?

The building society has reduced rates across its range of mortgages by up to 0.55%.

What mortgages are available?

Here are some of the best deals on offer:

• Five-year fixed-rate remortgage: 3.99% (down from 4.24%) for those borrowing up to 75% of their property’s value. This comes with a £1,495 fee and includes a free standard valuation and legal service for your remortgage.
• Two-year fixed-rate remortgage: 4.24% for those borrowing up to 60% of their property’s value. This also comes with a £1,495 fee, free valuation and remortgage legal service.
• Two-year fixed-rate mortgage for new purchases: 5.04% for those buying with a 10% deposit (borrowing 90% of the property value). This deal comes with a £1,495 fee and a free valuation.

What does this mean for borrowers?

Aidan Smith, at Yorkshire Building Society, said they’re happy to be passing on savings from recent changes in the financial markets. He added that they’re committed to helping people achieve their dream of owning a home.

This is the second time in just three weeks that Yorkshire Building Society has cut its mortgage rates. Experts believe this could be the start of a trend, with more lenders expected to follow suit in the coming weeks.

Rachel Springall, a finance expert at Moneyfacts, said it’s encouraging to see Yorkshire Building Society making moves to support both new and existing borrowers. She highlighted that deals with incentives, such as free legal services, can make a big difference in helping people save money.