Skipton launches 2.48 pc fix

Nia Williams

July 26, 2011

The building society has also launched a 2-year base rate tracker with a current pay rate of 1.98%, up to 60% LTV.

Skipton has also increased its maximum loan sizes at up to 90% and 80% LTV and is making changes to its lending criteria.

Mortgages are now available for new build flats up to a maximum LTV of 75%, for residential purposes only.

Let-to-buy is also to be offered by the lender, subject to the borrower having at least 25% equity in the property to be let and demonstrating an ability to cover the mortgage on the let property and new purchase from income if necessary.

The maximum LTV for loans of between £400k and £500k has been increased to 90% and the society will now lend up to 80% LTV on loans between £500k and £750k. The maximum loan at 95% LTV remains at £300k, whereas the LTV limit for loans above £750k remains at 75%.

Comemnting, Kris Brewster, head of products at Skipton, said: “As a mutual, Skipton is committed to bringing competition and choice to the mortgage market, by offering consistently good value mortgages and loans which meet people’s evolving needs in current market conditions.

“We’re already one of the only lenders offering alternative solutions such as low-deposit and buy-to-let mortgages and now we’re delighted to be providing two market-leading new two year deals for people with a little more equity in their homes.

“The new 2 year fixed rate at 2.48% is the lowest fixed rate Skipton has offered in its history and is a further sign of our commitment to offering competitive rates to customers.

“The fees on these latest products are a little higher, to appeal to people who would prefer to pay more upfront in return for a very attractive rate over the term of the product. However, we offer a good choice of low fee, low rate options across our range to suit a wide variety of preferences.”

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