YORKSHIRE Building Society has launched a new mortgage product. It offers a win/win solution for borrowers who want to take advantage of a low base rate with the security of stabilised payments when rates increase.

The new mortgage, called Your Choice, offers borrowers a three year tracker rate with the option to drop into a fixed rate at any point during the special rate period without additional charges. The mortgage, like all Yorkshire mortgages, is fully flexible allowing lump sum repayments, over payments, underpayments and payment holidays at any time without charge. Interest is calculated on a daily basis and accident, sickness and unemployment cover is provided free for the first six months.

The tracker rate on Your Choice is 0.25 per cent above the Bank of England base rate, giving a current rate of 4.25 per cent and the fixed rate option has been set at 4.99 per cent.