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Skipton cuts rates and launches new tracker mortgage

Christina Hoghton
Written By:
Christina Hoghton

The building society has announced the rate changes for existing borrowers as well as those looking to buy a newly built home

Skipton Building Society has announced rate reductions across a selection of residential and buy-to-let mortgages.

The mutual has also launched a new buy-to-let Base Rate tracker mortgage for landlords.

Last week, Skipton cut rates across a range of fixed residential and buy-to-let mortgage range. Now it’s reducing rates for new build and government scheme borrowing, as well as on products available to existing customers.

What’s new?

Skipton claimed that some of its new mortgages will go straight to the top of market best buy tables, including the following highlights:

  • A two-year buy-to-let Base Rate tracker mortgage, up to 75% of the property’s value, with a £1,995 fee and no Early Repayment Charges, at a rate of 4.61%
  • A five-year fixed new build mortgage, up to 95% of the property’s value, with no fees and £500 cashback, at a rate of 5.77%
  • A five-year fixed residential mortgage, up to 60% of the property’s value, with no fees, available to existing customers only, at a rate of 4.49%.

Charlotte Harrison, head of mortgages at Skipton Building Society, said: “Having reduced interest rates on our residential and BTL mortgage products last week, we’re making moves this week to ensure there’s a competitive product available for new build buyers, as well as first-time buyers using government-backed schemes like Help To Buy and First Homes.

“And we’re thanking our existing customers for their loyalty too, by reducing rates by as much as 0.70 percentage points on products available to them. That means they can take advantage of market-leading value if and when they’re looking to switch products or move home.”