Skipton Building Society  

Skipton targets landlords with latest products

Skipton targets landlords with latest products

Skipton has removed the early repayment charges from two of its buy-to-let trackers as part of its latest product overhaul.

The products include a pair of two-year trackers at 2.51 per cent up to 60 per cent loan-to-value (LTV) and 2.65 per cent up to 75 per cent LTV, with £495 in fees and no early repayment charges.

Customers are also offered a five-year fixed rate, for both purchase and remortgage, at 2.02 per cent up to 60 per cent LTV, with a £1,995 fee.

Skipton’s revamped residential range includes a five-year fix available at up to 95 per cent LTV for purchase at 3.43 per cent with no fee, or 3.34 per cent with a £495 fee.

The products are available through the society's Skipton Direct customer service centre, branches and all intermediaries.

At the start of the year, the building society had already amended rates across other residential and buy-to-let products and introduced cashback offers tailored to first-time buyers.

Alex Beavis, Skipton’s senior product manager, said: "We are delighted to introduce these refreshed products for residential purchase and remortgage, and buy to let customers.

"The society’s message continues to be that we want to offer new and existing customers the most competitive rates and the best levels of service to enable them to complete their purchase or remortgage in the quickest possible timescale."

David Hollingworth, associate director in communications at L&C Mortgages, said he was pleased to see lenders active and looking to ensure their product offering stacked up in a competitive market.

Mr Hollingworth said: "Skipton’s changes are another example of this and launches a number of changes including at higher LTV, an area that has seen improved rates from a number of lenders already."

He said that Skipton’s five-year deals at 95 per cent stacked up well, although they did not take the top spot from lenders, such as Atom Bank, that were managing to undercut on rate.  

He said: "Nonetheless Skipton is a lender that will often be there or thereabouts and that is true of buy-to-let just as much as the purchase and remortgage markets.

"Its five-year buy-to-let fix at 2.02 per cent is right up there on rate and carries remortgage incentives, too, for those looking to switch deal and lock down their rate."