The Yorkshire Building Society has announced a 0.14 basis point reduction on selected three and five-year fixed rate mortgages.

The mutual has reduced rates on its range of three and five-year fixes at 65%, 75% and 85% LTVs for home buying and remortgaging.

At three years, there is a fix at 1.88% for borrowers with a 25% deposit, or a 2.03% option at 85% LTV.

Borrowers looking to fix for longer can opt for a five-year fixed rate mortgage at either 1.98% at 65% LTV, or a 2.08% deal at 75% LTV.

Each mortgage comes with a £845 fee.

Brendan Gilligan, mortgage product manager for Yorkshire Building Society, said: “We always try to offer our customers a range of mortgage options and good long-term value for money.

“Our rate reductions will offer borrowers with a range of deposits competitive rates and the security of knowing how much their mortgage repayments will be for the next couple of years, especially during this time of economic uncertainty.”