Yorkshire Building Society is now offering an online mortgage product which will allow customers to both track and fix their mortgage.
It says the move follows its research into 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.
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.
The deal is a five-year product comprising of a two-year tracker period followed by a three-year fixed term, available up to 60% LTV.
The tracker is priced at 2.29% (BoE + 1.79%) while the fixed rate is 3.79%. It comes with a fee of £995.
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.
