Introducing track and fix from the Yorkshire
Yorkshire Building Society is today launching a new exciting online mortgage product which will allow customers to both track and fix their mortgage.
The product launch follows research by the Yorkshire into attitudes towards applying for mortgages online which showed that 45% of those questioned said that they would be likely to apply for a mortgage online in the future.
Looking at actual activity only 4% of respondents had completed an online mortgage with 52% saying they had never even looked for an online mortgage. When questioned further, 38% of respondents said they would find online mortgages more appealing if lenders offered an online application process.
Commenting on the research, Chris Smith the Yorkshire's Group Product Manager said; "These figures are interesting as they show the number of people taking out a mortgage online is still very low. In part this may be due to the fact that other lenders have pulled out of the online market something which is in contrast to the Yorkshire as we continue to invest in our online services.
Chris continued; "We understand that the financial markets are changing. Many people have busy lifestyles and do not have time to go into a branch due to work or personal commitments - others simply prefer to do their transactions at home online. It is this demand that we are catering for.
"Those we questioned described online applications as ‘convenient and speedy' which is excellent news for us as it mirrors feedback we have received from our own customers who said ease and convenience was their main reasons for choosing an online mortgage. What is more heartening for us at the Yorkshire, however, is that 92% of our online customers said they would be likely to apply online again in the future."
Track and Fix
The new track and fix mortgage allows customers to take advantage of the low BoE base rate with a tracker followed by the security of a fixed rate. Product details are;
5-year product comprising of a 2 year tracker period followed by a 3 year fixed term, available up to 60% LTV
Pricing will comprise a 2 year tracker at2.29% (BoE + 1.79%) until 30.09.2013,followed by a 3 year fixeduntil 30.09.2016 at 3.79%
Product will be available with a £995 fee.