With the nation collectively tightening belts, Yorkshire Bank has announced a summer mortgage deal guaranteed to brighten the moods of homeowners.
The Bank is waiving arrangement fees for new customers who are looking to re-mortgage in August.
The offer, which will run for a limited period, applies to a range of the Bank’s fixed rate, offset, flexible and tracker mortgages. A similar offer is available for first time buyers.
As part of the offer, Yorkshire Bank is also waiving legal or valuation fees when customers use its own appointed solicitors. Rapid Repay and Flexible Repay customers can choose their own solicitor and will get £200 towards legal fees.
Gary Lumby, Yorkshire Bank’s Head of Retail said: “We know people are feeling the pinch right now and want to help make mortgages more affordable. That is why our fee-free switching package is an excellent deal for anyone whose current mortgage deal is coming to an end.
“Instead of homeowners having to switch to a Standard Variable Rate when their mortgage term expires with their existing lender, we will work with them to look for the right mortgage rate and waive the arrangement fee.”
This could mean a saving for customers of up to £999, which is the current re-mortgage arrangement fee for some fixed rate products – see table of examples below.
|Residential Product||Rate||Standard Re-mortgage Arrangement Fee||August Re-mortgage Arrangement Fee||Standard Re-mortgage Valuation Fee*||Standard Re-mortgage Solicitor Fee|
|2 Year Fixed < = 75% LTV||6.49%||£999||£0||£0||£0|
|2 Year Fixed > 75% LTV||6.89%||£999||£0||£0||£0|
|5 Year Fixed < = 75% LTV||6.49%||£999||£0||£0||£0|
|5 Year Fixed > 75% LTV||6.89%||£999||£0||£0||£0|
|2 Year Offset Tracker||6.34%||£999||£0||£0||£0|
|Variable Offset £25k - £74,999K Tier||6.54%||£599||£0||£0||£0|
|Variable Offset £75k+ 6.44%||6.44%||£599||£0||£0||£0|
|Flexi / Rapid Repay £25k-£124,999k Tier||6.74%||£599||£0||£0||£200 rebate|
|Flexi / Rapid Repay £125k+ Tier||6.44%||£599||£0||£0||£200 rebate|
|FPM £50K- £999,999k Tiers||7.14%||£599||£0||£0||£0|
Note to editors:
Offer applicable to residential mortgages when a customer switches from another lender and mortgage value is more than £30,000. Investment housing loans are not included.
About Yorkshire Bank
Yorkshire Bank was founded in 1859 in Halifax, West Yorkshire. Today, the Bank has more than 190 retail branches, a strong personal customer base and a growing business capability in the North of England and the Midlands. In 2006, Yorkshire Bank was voted the UK's 'Best Business Bank' by the Forum of Private Business and in 2007 ‘Best Regional Mortgage Lender’ by Your Mortgage magazine as well as receiving a highly commended for its offset mortgage offering. Yorkshire Bank is a trading name of Clydesdale Bank plc, which is a subsidiary of the National Australia Bank Group of companies. Yorkshire Bank joined the Group in 1987.