Five Year Fix Mortgage at 2.99 Percent Rate by Yorkshire Building Society
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UK individuals are facing financial difficulties which have directly affected their borrowing as well purchasing capacity. Economic downturn in UK has also affected the growth of small business with low fund supply from banks. Banks or building societies have set tough borrowing terms where majority of consumers disqualify borrowings. In such situation FLS has played an important role to soften mortgage or business borrowing terms. The Yorkshire Building Society has also follows the new norms of lending and makes some essential changes in borrowing terms. It has released four new financial products for borrowers having mortgages with high level of equity value.
These new products are available from Friday Oct 26, of this year. Consumers can access these products directly from branch, over telephone or through online sources. It includes two new offset mortgages. There is a two year fix rate product at 2.39 percent borrowing rate with £1,295 fee. Another product is available for five year fixed rate on mortgage with 2.99 percent interest rate. It also include product fee of £1,295.
There are also alternative offset products for each available product which include an extra interest charge at 0.20 percent more than the non-offset equivalents.
Direct Mortgage Manager at Yorkshire Building Society Chris Smith has said that house buyers who have 40% deposit or home owners remortgaging can get a competitive deal with these products. If you are already enrolled in financial management or debt consolidation program then these new products are not going to affect much as mortgages are available with very low rate of interest.
Chris Smith has further added that there is increase in the number of LTV levels at which the company is offering products. It will also support company to allow wider range of business. More number of people can access these products to buy mortgages or for remortgage purpose.
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