Skipton cuts rates for additional borrowing

Christina Hoghton
Written By:
Christina Hoghton

The mutual has refreshed its range for existing borrowers who want to release further equity from their property

Skipton Building Society has chopped interest rates on its additional borrowing products by up to 0.34 percentage points, across its residential and buy-to-let mortgage ranges.

The mutual has launched a refreshed range of two and five-year fixed rate additional borrowing products.

Residential rates

The additional borrowing range for residential purposes includes two-year fixes at 3.65% up to 75% LTV and 4.89% for those with just 10% equity. The lender’s five-year fixes are 4.59% up to 75% LTV and 5.45% up to 90% LTV.

Buy-to-let rates

Buy-to-let owners can access additional borrowing at 4.49% fixed for two years, and 5.19% for a five-year fix, both up to 75% of the property’s value.

All the refreshed products come without any completion fees.

Kris Brewster, Skipton’s head of products, said: “Whether home owners are looking to make improvements to their property or need the capital for other purposes, Skipton has a range of additional borrowing products available, with no application or completion fees to pay, providing you are an existing mortgage customer.

“We have made additional borrowing even attractive by lowering rates on our range of fixed rate products.”

The new products are available directly from the lender or through mortgage brokers.