The Yorkshire-based mutual has cut rates on a number of two- and five-year fixed rate products from today, Friday 14 August 2015.

Rates have been reduced by up to 0.65%, with many small deposit loans seeing the biggest change in rates.

Products for house purchase include a fee-free five-year fix at a rate of 2.70%, available up to 70% loan-to-value. Free valuations are offered on all new purchase products.

For borrowers looking to remortgage a fee-free five-year fix at a rate of 2.72% at 70% loan-to-value.

Kris Brewster, head of products at Skipton Building Society, said many borrowers were looking to fix their mortgage before rates rise.

“We’re pleased to be able to lower rates across a range of short-term and longer-term fixed mortgages as well as include free valuations on all our new purchase products. We continue to offer fee and rate options to suit a number of different borrower requirements,” he said.

“Our mortgage products continue to have an emphasis on offering wide choice and good value, along with our commitment to doing everything to help borrowers.”