Yorkshire Building Society has added its lowest ever tracker mortgage rate to its range.

A two-year rate of 0.78% is available to borrowers with a 35% deposit, which comes with a £995 fee and free standard valuation.

The society has also introduced a number of other tracker mortgages, with a 0.89% tracker rate offered to homebuyers or those remortgaging with a 25% deposit, which also comes with a £995 fee and free standard valuation. For borrowers with the smallest deposits, the Yorkshire confirmed that a two-year rate of 2.59% is available to those who require 95% LTV.

Borrowers who choose to leave any of the Yorkshire’s tracker mortgages during the initial two-year term will face early repayment charges of 1%.

Yorkshire Building Society senior mortgage manager, Ben Merritt, commented: “In a really competitive mortgage market, we’re pleased to be able to offer our lowest ever mortgage rate to give borrowers more choice.

“The recent increased availability of tracker mortgages, including the introduction of our first tracker mortgage for some years, expands the number of options available to borrowers who, in a low rate environment, may wish to take advantage of lower monthly payments.

“As with any variable mortgage that tracks the Bank’s base rate, it’s important to make sure any increase in monthly payments could be afforded, should the base rate rise.”

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