Money MoT: Yorkshire's 1.99pc two-year fixed rate mortgage "This is a cracking rate for a two-year fix with relatively low fee," said Mark Harris, chief executive of mortgage broker SPF Private Clients. This deal beats its equivalent from HSBC due to its lower fee. HSBC is charging a fee of £1,999 compared to £995 from Yorkshire. However, there is an early redemption charge of 3pc for the duration of the fixed period and is only available to those with a 40pc deposit so will be out of the grasp of many first-time buyers. Interested borrowers should act quick to secure this rate because previous deals that offered such low rates have been pulled within weeks due to demand. Tesco said it was forced to withdraw its cheap mortgage less than a month after it was launched in October after the allocated funds were exhausted. "Overpayments amounting to ten per cent per annum are allowed without penalty, which is fairly standard," said Mr Harris. There is a 3pc early repayment charge during the fixed period so don't opt for this deal if there is a chance you may move sooner than this. Borrowers should bear in mind that the rate reverts to the lender's standard variable rate (SVR) of 4.99pc at the end of the term, which isn't the most expensive, but it isn't one of the cheapest either. So make a note in your diary if you wish to remortgage to a more competitive rate.