Its rate, which is currently set at 5.49% for residential deals and 5.69% for buy-to-let, has been raised by 0.5% for anone taking out a new deal with the society, or borrowers who arranged an existing mortgage prior to December 2009, who will now revert to the higher rate at the end of their deal period.

Skipton has also launched a range of mortgage products, with rates reduced by up to 0.30% on residential products and 0.50% on buy-to-let products.

The range includes two, three, five, seven and 10-year residential fixed rates.

Among its headline rate is a two-year fixed rate at 2.69%, reduced from 2.99% and available up to 60% LTV for purchase and remortgage customers.

Among the buy-to-let options are two, three and five year fixed rates and two-year trackers.

Its 10-year fixed rates are available from 4.29% at 60% LTV, 4.59% at 75% LTV and 4.79% at 85% LTV.

Kris Brewster, the Society’s head of products, said: “We’re delighted to be able to provide such an attractive set of mortgages. To an extent, the reductions we’ve made to some rates reflect the current market trend – fuelled by factors including the introduction of the government’s Funding for Lending scheme.”