Yorkshire Building Society is to enter the ‘drop lock’ mortgage market.
It says its two new products will allow customers to take advantage of lower tracker rates while having the security to move to a fixed rate mortgage should increases look on the horizon.
The new tracker products come with rates of 2.29% (BoE+1.79%) and 2.49% (BoE+1.99%).
Chris Smith, group direct product manager at the Yorkshire, said: “If a customer is undecided between a tracker rate and a fixed rate mortgage – this new drop-lock option gives them much more freedom when choosing a mortgage.
