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Solution launched for borrowers on the home stretch
Yorkshire Building Society is launching a new Rollover Mortgage – a rolling one-year fixed rate product designed to cater for those who are coming to the final years of their mortgage and those who need to borrow less than 35% of the value of their home.
The deal offers an attractive initial fixed rate of 2.69% for the first year, carries a low product fee of only £495 and comes with free legal assistance and a free valuation. In addition, the deal also includes one year’s free You Choose home insurance, the Society’s flexible buildings and contents cover.
The deal is available to wishing to remortgage to the Society and offers a rate fixed for one year. At the end of each year, borrowers will be notified of the new fixed rate offered for the following year of their mortgage and will automatically ‘rollover’ onto that rate, or alternatively they can choose to transfer their loan to either the Society’s Standard Variable Rate (SVR) or another remortgage deal.
The product carries only a 1% early repayment charge for those who may wish to come out of the deal within the fixed rate period, however, no early repayment charge will apply if a borrower chooses to switch at the end of a rollover period.
