Skipton Building Society has lowered interest rates by up to 0.56 per cent on its residential two-year fixed-rate mortgage range to target homebuyers keen to fix payments with a potential interest rate increase looming.
Rates have been reduced on all its core residential two-year fixes from 50 per cent to 85 per cent LTV on 36 purchase and remortgage products.
Kris Brewster, the society’s head of products, said: “Lowering interest rates across 36 products means that we can offer great value products over what is our most popular fixed-term, two years.”
Key features:
A fee-free two-year fixed rate to 60 per cent LTV at 1.95 per cent, reduced from 2.34 per cent, and a fee-free two-year fixed rate to 80 per cent LTV at 2.59 per cent, which had been 2.99 per cent.
For remortgaging, the fee-free range includes a two-year fixed rate to 50 per cent LTV at 2.01 per cent, down from 2.18 per cent; a two-year fixed rate to 70 per cent LTV, now at 2.24 per cent, down from 2.39 per cent; and a two-year fixed rate to 75 per cent LTV at 2.29 per cent, previously 2.85 per cent.
Adviser View
Mike Richards, director of London-based Mortgage Concepts Associates, said: “Information on interest rates seems to change each day. The Bank of England may keep the base rate as it is until the 2015 elections.
“Skipton’s rates seem to be very good, and they should get a lot of business from it, hopefully also others will follow suit.”
