The Yorkshire Building Society has reduced its rates on mortgages for borrowers who want to minimise the upfront costs of moving or remortgaging by up to 0.15 percentage points.

The mutual is offering a 2.59% two-year fixed rate with no product fee, free standard valuation for borrowers with a 10% deposit, with £250 cashback on completion for those buying a home and free standard legal fees for those remortgaging.

For borrowers with a 5% deposit, the Society is offering a 3.84% two-year fixed rate, or a 4.49% five-year fixed rate, with no product fee, free standard valuation and £250 cashback on completion.

Brendan Gilligan, mortgage product manager at Yorkshire Building Society, said: “As one of the UK’s largest mutual lenders, we understand how important home ownership is to young people, with our research showing that most adults under 40 prioritise buying a property over important life events such as getting married and having children.

“We also know how expensive buying your first home can be, so we’ve cut our rates on fee-free mortgages to help those trying to get onto the property ladder to minimise their upfront costs.”