Skipton cuts BTL rates and expands range

Yuan Phoon

May 1, 2012

Additions to the residential range include a 2-year fixed rate at 3.89% available up to 75% LTV and 2-year fixed rate at 4.58% available up to 85% LTV.

Both products have an application fee of £195, a completion fee of £800 and an early repayment charge of 3% of capital repaid plus interest to the end of the month.

The most significant rate cuts on Skipton’s buy-to-let range are on its 3-year fixed rate deal at 75% LTV which has been cut from 5.39% to 4.99% and on the mutual’s 5-year fixed rate at 75% LTV which has been cut from 5.69% to 5.39%.

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They are available through the society’s Skipton direct customer service centre, branches and all intermediaries.

Kris Brewster, head of products at Skipton, said: “Two year fixes are proving very popular at the moment and we are therefore delighted to be able to bolster our offering in that area with two very competitive new products.

“And with the private rental sector enjoying a continued resurgence and many people looking to invest in property rather than cash given the low interest rate environment, we’ve decided to improve on our already attractive buy-to-let mortgage rates in order to cater for that ongoing demand.”