Skipton Building Society has launched two new buy-to-let mortgages.
The two-year tracker deals start from rates of Bank Base Rate plus 3.84% and are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
Key product details:
Two-year base rate tracker to 70% LTV
- Interest rate: Bank Base Rate plus 3.84% (currently 4.34%).
Two-year base rate tracker to 75% LTV
- Interest rate: Bank Base Rate plus 4.09% (currently 4.59%).
Criteria applicable to both products:
- Early Repayment Charge: 1% of capital repaid plus interest to end of the month;
- Application fee: £245, completion fee: £750;
- Revert to Bank Base Rate plus 4.45% (currently 4.95%);
- Overpayments of up to 10% per annum allowed without penalty;
- Free legals and valuations available for remortgages.
“Our buy-to-let deals continue to prove popular,” said Kris Brewster, Skipton’s head of products. “We’re launching these new tracker rates in order to offer varied options, whether people prefer the certainty of a fixed rate or would rather benefit from a lower rate now, in the expectation that a Base Rate rise may be still some way off.
“Although the fee on the 70% LTV product has risen slightly, by 0.15%, the rate on the 75% LTV product remains the same and we have offset this with improvements to other product criteria.
“For example, we have reduced the fees payable on the 75% product by £500 and the ERC on both mortgages is now just 1% throughout their term.”