Yorkshire launches two-year tracker product

It is also reducing the product fees to £245 and offering £250 cashback. Those people looking to remortgage can choose either free valuation and legal fees or the £250 cashback offer.

Chris Edwards, Head of Mortgage and Savings at Yorkshire Building Society said: "We expect to see a lot of interest from borrowers unsure what the future holds for the UK’s interest rates. And with high mortgage product fees still very prevalent in the marketplace, this new offer should prove very attractive for customers looking for a competitive mortgage deal without a big upfront cost.”

“We have offered a cap on these new mortgages to protect customers should there be a steep rise in interest rates during the term of the product. By combining a cap and a competitive rate with a low fee and cashback we believe that this is one of the best value products in the market”.

The tracker follows the new range of Yorkshire fixed rate mortgages launched this month offering 2, 3 and 5 year rates and offset products which start from just 3.59%, all with £245 fees and £250 cashback.

The tracker has a minimum rate of 3% but is capped at 5.49% and is available for house purchase and remortgage.