"Borrowers clearly value the opportunity to keep monthly repayments down over certainty of how much they will pay"
In fact, since the Bank of England announced that the Bank Rate would increase to 0.5%, the mutual has seen a 3% increase in the number of customers reserving a two-year discounted SVR mortgage.
Throughout October the Yorkshire had recorded a daily average of 3% of its mortgage customers choosing one of its discounted SVR mortgages, but this figure increased to a daily average of 6% during the first week of November.
Mike Sims, Senior Mortgage Manager at Yorkshire Building Society, said: “It’s interesting that some borrowers are still keen to secure a variable mortgage despite the first Bank Rate increase in a decade being announced.
“Borrowers clearly value the opportunity to keep monthly repayments down over certainty of how much they will pay and appear confident that the Bank of England won’t increase rates at pace during the initial term of their mortgage.”
