Skipton Building Society is set to slash rates by up to 0.28 per cent across its buy to let investment mortgage range, in a bid to encourage prospective investors to join the sector with lower interest rates.
The new range for purchases boasts a two-year fixed rate at 1.67 per cent and 60 per cent LTV, as well as a five-year fixed rate at 2.93 per cent, at 70 per cent LTV. Each new product comes with fees of £995. The idea to refresh the range comes as part of a bid to target would-be landlords considering the sector, as well as those looking to remortgage.
Skipton have also opened up new opportunities for landlords who wish to remortage their buy to let properties. The two-year fixed range also includes a 1.69 per cent to 60 per cent LTV as well as a 1.99 per cent at 70 per cent LTV. Again, each come with £995 fees.
All remortgage products from Skipton offer free valuation and standard legal fees, whilst all purchase products include a free standard valuation.
The building society has also cut rates on its five-year fixed rate core residential range. Five-year fixed rates are now available from 2.08 per cent up to 75 per cent LTV for purchases, and 1.91 per cent to 60 per cent LTV for remortgage.
Skipton Building Society’s Head of Products, Kris Brewster, commented on the range: ‘We are delighted to launch this refreshed fixed rate buy-to-let mortgage range offering lower interest rates. In the present environment of ultra low interest rates, buy-to-let would seem to be a more and more attractive proposition for potential landlords. Skipton’s buy-to-let deals continue to prove popular and we believe this new range offers great value for purchasers of buy-to-let property and for those wishing to remortgage their portfolio.’