Skipton Building Society has cut rates on a selection of its two and three-year fixed rate mortgages by up to 20bps.
The products, at 80% and 85% LTV, now come with rates as low as 2.68%.
The Society is also extending availability of its other fixed rate range by extending end dates on all two, three and five year fixed rates to 31 January 2016, 2017 and 2019 respectively.
Key product details:
2 Year Fixed Rate to 80% LTV
- Interest rate 2.68% (was 2.88%, down 0.20 percentage points) – purchase and remortgage
2 Year Fixed Rate to 85% LTV
- Interest rate 3.38% (was 3.58%, down 0.20 percentage points) – purchase and remortgage
2 Year Fixed Rate to 85% LTV (no fee)
- Interest rate 3.68% (was 3.88%, down 0.20 percentage points) – purchase and remortgage
3 Year Fixed Rate to 80% LTV
- Interest rate 3.19% (was 3.28%, down 0.09 percentage points) – purchase and remortgage
3 Year Fixed Rate to 85% LTV
- Interest rate 3.68% (was 3.88%, down 0.20 percentage points) – purchase and remortgage
3 Year Fixed Rate to 85% LTV (no fee)
- Interest rate 3.98% (was 4.18%, down 0.20 percentage points) – purchase and remortgage
- Application fee: £195, completion fee: £800 (fee paying products only);
- Fixed until 31 January 2016 (two-year fixes) and 31 January 2017 (three-year fixes);
- Early repayment charges: 3/2% (two-year fixes) and 4,3,2% (three-year fixes) of capital repaid and, after the product end date, interest to the end of the month;
- Overpayments of up to 10% per annum allowed without charge;
- Free standard legals and valuations available for remortgages.
This new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
Rates on the remainder of its range are unchanged, including its selection of buy-to-let two, three and five-year fixes.
Kris Brewster, Skipton’s Head of Products, said: “We’ve been seeing positive signs in the housing market over the year so far, and this is gradually feeding in to more solid house prices.“For some time now, the market’s most competitive deals have focused on the lowest LTVs, at around 60% and 75%. However, we felt that the renewed confidence which is starting to filter through provided an ideal opportunity to extend lower rates to LTVs up to 85%, by making some our two and three-year products even more attractive.
“We hope this will support both first time buyers and existing home owners who have maybe been hit by the impact of the credit crunch on the value of their home over the past few years, but have seen their equity return to a more robust level over recent times.