Two new seven-year fixed rate mortgages and rate reductions of up to 0.10% have been introduced to Skipton Building Society’s residential range of products.
The move aims to provide long-term security for mortgage payments, with seven-year fixes at 2.40% to 75% LTV with £995 fee and a fee-free 2.65% to 85% LTV.
Skipton’s rate reductions of up to 0.10% on its current on sale residential five-year fixed purchase products are at 85% LTV, starting at 2.14% with £1,995 fee and a fee-free 2.35% rate.
What’s more, a competitive range of three-year buy-to-let and new build products have also been added. The new build products are purchase-only, including a three-year fix at 2.49% to 90% LTV with £995 fee and a fee-free three-year tracker at 2.35% to 90% LTV.
Encompassing a range of product, policy and service enhancements, the new build includes upfront valuations at no cost, with products designed to give new home buyers the best experience and increase support for the market.
Kris Brewster, the Society’s head of products, said: “Although bank base rates remain low, uncertainty remains high, so we are delighted to introduce these 7-year fixed rate mortgages which are likely to appeal to borrowers who prioritise stability and prefer to have certainty over their mortgage payments for a longer period.”
“With the possibility of future base rate increases, more people may prefer locking themselves into longer fixed-rate deals to insulate themselves from potential interest rate rises,” he added. “In the present environment of low interest rates, buy-to-let would seem to be a more and more attractive proposition for potential landlords.”
For remortgage and purchase customers, the new buy-to-let range includes a three-year fix at 2.64% to 70% LTV with £495 fee, a fee-free 2.92% to 75% LTV, and a three-year tracker at 2.55% to 75% LTV.
Brewster added: “We believe our new build residential products offer very attractive rates and will help first-time buyers and those looking to move up the housing ladder to realise their dream of moving into a new property. All new build applications to Skipton are given a priority underwrite within its specialist underwriting team.”