Skipton Building Society is launching a new range of buy-to-let products on 16 September.
The mutual’s new range includes ‘high’ fee options to 75% over each fixed term two, three, five and seven-year and new seven-year fixed rate buy-to-let mortgages, including ‘low’ rates at 60%, 70% and 75% LTV.
The Skipton is increasing its buy-to-let procuration fees by 15 basis points from 0.35% to 0.50% for new buy-to-let cases received from 17 September.
Remortgages qualify for free standard legal fees and a free standard valuation. There may be some additional legal costs payable where the remortgage is above £1,000,000. A free standard valuation is available on properties valued up to £1,500,000. If a Homebuyers Report or Buildings Survey is required then the additional cost associated with these reports will incurred by the customer.
Paul Darwin, head of intermediary sales at Skipton, said: “This new range of buy-to-lets really is breaking new ground and certainly offers something for everyone. In particular it’s great for landlords who, thanks to the longer term deals, want to secure their future in terms of buy-to-let commitments.
“We’re also really pleased to announce an increase in buy-to-let proc fees for brokers. In doing so we’re able to share the benefit of having longer term relationships with customers, thanks to this new range. We continually review our position against competitors and we have seen encouraging growth in the buy-to-let arena.
“So with all of this in mind, I am thrilled to announce an increase in proc fees to 50bps across the buy-to-let range, from 17 September.”
The new buy-to-let products are available through the Society’s Skipton Direct customer service centre and all intermediaries.