Yorkshire Building Society has reduced rates across its mortgage range by up to 20 basis points (bps).

This is the mutual’s second rate cut of the month.

Its new product offering includes the following:

• A two-year fixed rate at 4.39% (was 4.54%) up to 75% LTV, for remortgage purposes, with a £1,495 fee, free standard valuation and free remortgage legal service;
• A three-year fix at 4.34% (was 4.49%) up to 75% LTV, for remortgage, up to 75% LTV with a £1,495 fee, free standard valuation and free remortgage legal service;
• A five-year fix at 5.24% (was 5.44%) up to 90% LTV, for house purchase, with no fee, £2,000 cashback and free standard valuations.

The Society has also reduced the rate on its £5k Deposit Mortgage five-year fix, to 6.24% (was 6.39%), allowing borrowers to buy a home worth up to £500,000 with a £5,000 deposit, with no fee and free standard valuation.

Aidan Smith, YBS product manager, said: “We’re delighted to announce our second August rate cut, and particularly pleased that the window of opportunity provided by market conditions has enabled us to lower the cost of our £5k Deposit Mortgage offering a much-needed helping hand to first-time buyers.

“We’ll continue to closely watch developments with a view to seizing further opportunities to pass on further value wherever possible.”