Skipton Building Society has today (3 April) launched a range of buy-to-let mortgages for property investors including two, three and five-year fixed rate products.
The new range of fixed rate products includes a choice of rate/fee combinations and, for the first time since it re-entered the buy-to-let market a year ago, the society is offering loans of up to 75 per cent loan-to-value.
The two-year fixed rate is available up to 70 per cent loan to value and has an interest rate of 4.69 per cent. It has an application fee of £245 and a completion fee of £750.
Another two-year fixed rate is available up to 75 per cent LTV and has an interest rate of 5.09 per cent. It has an application fee of £245 and a completion fee of £1,250.
Skipton’s new three-year fixed rate deals are available up to 70 per cent LTV and also up to 75 per cent LTV with an interest rate of 4.59 per cent and 5.39 per cent respectively. The 70 per cent deal has an application fee of £245 and a completion fee of £750 and the 75 per cent deal has an application fee of £245 and a completion fee of £1,250.
The five-year fixed-rate at 70 per cent LTV has an interest rate of 5.19 per cent with no application fee and a 2 per cent completion fee.
The other five-year fixed rate at 75 per cent LTV has an interest rate of 5.69 per cent, has an application fee of £245 and a completion fee of £1,250.
These new products are available through the society’s direct customer service centre, branches and all intermediaries.
Kris Brewster, head of products at Skipton, highlighted that national rental specialist Sequence Lettings, owned by Skipton’s estate agent subsidiary, Connells Group, recorded a 14.8 per cent uplift in the number of tenants moving into rental properties through its 95 offices nationally in 2011 compared to the previous year.
He said: “Based on this insight, we believe buy-to-let continues to play a vital part in returning the housing market to health, in terms of meeting significant demand for quality private rental properties – which are a vital stepping stone for the first time buyers of the future – and in contributing to property turnover amid the ongoing, subdued market conditions.
“Therefore, we’re keen to continue offering good value, flexible solutions to new and existing landlords, through this new range. We hope that the increase in our maximum loan-to-value will also help to open doors to more people interested in investing in property.”
