Skipton Building Society is cutting rates by up to 0.49 per cent on buy-to-let products and has also cut mortgage rates on residential fixed rate mortgages.
The building society’s new buy-to-let range includes a 2-year fixed rate at 1.78 per cent for 75 per cent loan-to-value (LTV) with a £995 fee. There is also and a fee free 5-year fix at 2.5 per cent for a 60 per cent LTV.
For those wishing to remortgage, the 2-year fixed range includes a fee free 2.63 per cent to 75 per cent LTV. The three year range includes a 2.02 per cent to 60 per cent LTV with a £995 fee, and the five year range includes a fee free 2.45 per cent to 60 per cent LTV.
Skipton is also launching a range of remortgages offering £350 or £500 cashback dependant on length of fix. These fee free products include a 2 year fix at 2.59 epr cent to 70 per cent LTV and a five year fix at 2.69 per cent to 60 per cent LTV.
The Skipton reductions are just the latest in a slew of January mortgage rate cuts. Daniel Bailey, mortgage broker at Middleton Finance, said that the market was “very competitive, which is ultimately good for consumers".
“These are very competitive rates and it is good to give people a choice,” he said. “Skipton are a good lender to work with.”
Kris Brewster, the Society’s head of products, said:“Skipton’s buy to let deals continue to prove popular and we believe this new range offers great value for purchasers of buy to let property and for those wishing to remortgage their portfolio."