Skipton Building Society has launched its lowest ever fixed rate mortgage – priced at 2.48%.
It is a two-year fixed rate available at 60% LTV. A two-year base rate tracker with a current pay rate of 1.98%, up to 60% LTV, is also now available.
The Skipton has also made a number of criteria changes to its flexible and varied range of mortgages.
Mortgages now available for new build flats, up to a maximum LTV of 75%, for residential purposes only (no buy-to-let, builder incentives or off-plan allowed).
Let-to-buy is also now offered, subject to borrower having at least 25% equity in property to be let, and demonstrating ability to cover mortgage on let property and new purchase from income if necessary (maximum LTV on new home to be purchased of 75%).
The maximum loan-to value for loans of between £400,000 and £500,000 has been increased to 90% (the previous limit was 85% LTV on loans of £300,000 to £400,000). And the Skipton will now lend up to 80% LTV on loans between £500,000 and £750,000 (previous limits at this LTV were between £400,000 and £750,000).
The maximum loan limit at 95% LTV remains at £300,000, whereas the LTV limit for loans above £750,000 remains at 75%
Offer validity has been extended from three to six months, to help those whole find that property completions are taking longer than usual.
Kris Brewster, Skipton’s head of products, said: “As a mutual
