The 2.03% mortgage at 85% loan to value (LTV), has a £995 fee,  and is one of several five-year fixes added to its range. It is also offering a 65% LTV, five-year fixed rate mortgage at 1.77% and 1.97%. Both products come with a £1,495 fee.

While Principality Building Society offers a lower rate on its five-year product (2.00%), it comes with a £1,395 fee and no incentives. Therefore, based on a £200,000 loan amount over 25 years on the same LTV, the mutual’s 85% LTV mortgage offering is better placed in terms of true cost over the first year and fifth year, taking into consideration the rate and fee, according to Moneyfacts.

Borrowers with smaller deposits can take out a two-year fixed rate mortgage with the mutual, starting at a rate of 1.90% for those requiring 90% LTV. This mortgage comes with a £995 product fee and £250 cashback on completion.

Again, Moneyfacts said that while there is a lower rate in this category, offered by Loughborough Building Society at 1,89% (including free legals for remortgage customers), Yorkshire is still better in terms of true cost over the two-year period, taking into consideration the £250 cashback.

Janice Barber, mortgage manager at Yorkshire Building Society, said: “Our market-leading five-year fix in particular will appeal to those hoping to secure a low rate until 2023, but we’ve also made changes across our range to give a number of homebuyers and those remortgaging welcome news this January.”

Rachel Springall, finance expert at Moneyfacts, said: “Borrowers who have a 15% deposit or equity and are looking to secure their monthly mortgage payments over the longer-term will be delighted by this latest five-year fixed deal from Yorkshire Building Society thanks to its competitively low mortgage rate. It has a lower fee than the next cheapest deal on the market so it could be a more cost-effective choice depending on the loan size.”