Skipton will tomorrow (11 May) launch three new residential fixed-rate products offering £1,000 cashback and free valuation.
The two-year fixes, available for purchase and remortgage, are priced at 2.32 per cent up to 60 per cent loan-to-value (LTV), 2.44 per cent at 70 per cent LTV and 2.50 per cent at 85 per cent LTV.
The minimum loan size is £80,000, and none of the products come with fees.
Kris Brewster, Skipton’s head of products, said: “We’re delighted to offer these highly attractive new two-year fixed rate products for both purchase and remortgage, all with £1,000 cashback and free valuations.
“Our mortgage products continue to have an emphasis on offering wide choice and good value, along with our commitment to doing everything to help borrowers.”
Skipton’s move follows Halifax’s announcement that it would offer £1,000 cashback a few days ago.
Bob Riach, owner at Scunthorpe-based Riach Financial Advisers, commented: “It is great to see £1,000 cashback and free valuation, but you can get lower rates without the cashback.
“You would assume that for a client going for 85 per cent LTV the cashback won’t be that important, but if it was a first-time buyer it would be handy. First-time buyers might have scraped up all their savings for the deposit, so cashback is important for legal fees.”
simon.allin@ft.com
