Mortgage lender Yorkshire wants to help its mortgage holders bridge the payment shock when their two-year fixed rate mortgage period ends.
Two years after the cheapest ever fixed mortgage rates were on offer, the building society has announced the launch of a new, limited issue, stepped mortgage rate product, only available to existing mortgage holders.
The new fixed mortgage rate will be set at 3.99 per cent for the first year and 4.69 per cent for the second year. The average mortgage rate over the two-year mortgage lifetime is at a competitive 4.34 per cent.
Current mortgage holders paying a low mortgage rate of 3.29 per cent will get a shock at the end of the month if they don't take action soon.
At the end of their two-year mortgage term, their mortgage rate will revert to the mortgage lender's standard variable rate of 6.60 per cent.
"At the Yorkshire we reward customer loyalty by making attractive products available to existing customers," commented the mortgage lender's product manager Karen Miller.
"The new stepped rate mortgage launched this week should be a great solution, but funding for this product is limited so interested borrowers should contact us without delay."
Yorkshire mortgage holders rewarded with new mortgage rate
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Yorkshire mortgage holders rewarded with new mortgage rate
Wed, 10 Aug 2005
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