Rates have been reduced by up to 0.23 of a percentage point, and includes a five-year fix of 2.29 per cent on 60 per cent loan-to-value (LTV) with a £995 fee, and 2.59 per cent for a 75 per cent LTV, also with a £995 fee.
The two-year fixed range includes a fee-free rate of 2.19 per cent at 60 per cent LTV, and the three-year range includes a rate of 1.99 per cent to 60 per cent LTV with a £995 fee.
Some products in the range offer £350 or £500 cashback, depending on the length of the fix. These include a two-year fixed rate at 2.59 per cent up to 70 per cent LTV, and a five-year fix at 2.69 per cent to 60 per cent LTV. All the buy-to-let products offer free valuations, while certain remortgage loans offer standard legal fees.
The important thing to take into account is not to look at the rate, but if the borrower has a small mortgage it may not be worth paying the £995 fee.Daniel BaileyPrecise Mortgages recently reduced the rates on its buy-to-let mortgages, offering rates on its five-year fixed rate loans of 3.49 per cent with a 1.5 per cent product fee, and 3.59 per cent deal with a 1 per cent product fee on loan-to-values up to 75 per cent.
Masthaven has also reduced rates on its buy-to-let mortgages, offering a five-year fixed rate product starting at 3.34 per cent and available on up to 70 per cent LTV.
Full details of Skipton’s refreshed buy-to-let mortgage range can be found atwww.skipton.co.uk/mortgages, or call the direct customer service team on 0345 8501755, or visit any Skipton branch.
Provider view
Kris Brewster, head of products at Skipton, said: “We are delighted to introduce this refreshed buy-to-let range, which can be used for both purchase and remortgage, and offer more products across varying LTVs.
“With rate reductions of up to 0.23 per cent, we believe Skipton is offering good competitive products, with a range of completion fees providing more choice.
“We believe this new range offers great value for purchasers of buy-to-let property and for those wishing to remortgage their portfolio.”
Adviser view
Daniel Bailey, principal at Middleton Finance, said: “I would say [the products] are all very competitive. The important thing to take into account is not to look at the rate, but if the borrower has a small mortgage it may not be worth paying the £995 fee. But the rates are very competitive and Skipton is a good lender.
“With all the changes going on the buy-to-let sector they’re trying to make things a bit easier for landlords.”
Some of the tax changes that have come into effect have deterred some landlords, he added, so lenders were doing what they could to make mortgages more attractive.
“People are realising now is a good time to fix for a bit longer.”
Charges
£995 fee on the five-year fix, and on the three-year range, up to 60 per cent LTV.
melanie.tringham@ft.com
