Skipton Building Society has launched a new buy-to-let range, with half of the deals being longer term offerings.
The new range includes high fee options to 75 per cent over each fixed term two, three, five and seven-year and new seven-year fixed rate buy-to-let mortgages, including reduced rates at 60 per cent, 70 per cent and 75 per cent loan-to-value.
The new five and seven-year deals “offer long-term peace of mind for landlords in an uncertain interest rate environment,” the firm said.
From tomorrow (17 September) Skipton will also increase its buy-to-let procuration fees by 15 basis points from 0.35 per cent for new buy-to-let cases received from that date.
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.”
Skipton’s decision to increase buy-to-let procuration fees follows hot on the heels of Leeds Building Society increasing procuration fees on buy-to-let and holiday let mortgages through intermediaries yesterday.
The society increased the fee from up to 0.37 per cent to up to 0.5 per cent and admitted this move just brought it in-line with competitors.
Martin Richardson, general manager for business development at Leeds Building Society, said they have been working closely with intermediary partners on developing the service.
