Skipton cuts interest-only range

Ryan Bembridge

August 22, 2017

Skipton Building Society has cut interest-only rates at 60% and 70% loan-to-value.

To 60% LTV the lender’s 2-year fix stands at 1.69% after a reduction of 0.10% and its 5-year fix costs 2.15% after being cut by 0.09%. Both products come with no completion fee.

To 70% LTV 2-year fixes cost 1.79% with no fee and 1.43% with a £1,495 fee.

2018 will also bring with it a further raft of ‘big ticket’ changes

Kris Brewster, Skipton’s head of products, said: “Since launching in June, the Interest Only range has seen strong demand, and it’s great that we’re able to continue to support our members by lowering the rates across the range.

“There’s no one-size-fits-all approach to lending, and it’s important to us that we have a range of competitive mortgages designed to suit our members’ individual needs.

“Reducing these rates means we can do just that while ensuring this type of product is only taken out by borrowers that have a defined exit strategy to repay the loan.”

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