The deal

Yorkshire building society has cut the cost of two-year and five-year fixed rate mortgages to 2.59 per cent and 3.49 per cent.

The good points

Cutting the cost of borrowing is good news if you’re happy to fix now. There are also higher rate options (2.79 per cent and 3.69 per cent) with a much lower 95 fee (instead of the 995 fee on the best rates) plus 250 cashback.

The bad points

The 995 upfront fee is still too high. Also, first-timers need not bother – to get any of the deals you’ll need a deposit of at least 25 per cent of the value of the property.

Conclusion

The fixed rate mortgage market seems to be getting more interesting but the question to ask is whether now is a good time to fix. T

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