The rate cuts follow the launch of the lender's new first-time buyer range and Home Deposit Saver
Skipton Building Society has reduced mortgage rates on selected two-year residential fixed products and its two-year residential Base Rate Tracker range.
Notable changes include the two-year Base Rate Tracker at 75% loan-to-value (LTV) with a £995 fee, now at 5.65%, down from 5.85%. The two-year fixed rate at 60% LTV with a £495 fee is now 4.75%, down from 4.87%.
Other reduced rates include the two-year fixed 60% LTV with no fee, now 4.88%; the two-year fixed 75% LTV with no fee, now 4.96%; the two-year fixed 75% LTV with a £495 fee, now 4.85%; the two-year fixed 75% LTV with a £995 fee, now 4.80%; and the two-year Base Rate Tracker 60% LTV with a £995 fee, now 5.58%.
The rate reductions follow the launch of Skipton’s new first-time buyer range and Home Deposit Saver earlier this week. They also come in the wake of the Skipton Group Home Affordability Index's recent findings, highlighting the difficulties faced by potential first-time buyers in the UK. The report revealed that only one in eight potential first-time buyers can afford the average property in their area, a figure that drops to one in 100 for those earning £22,850 or less.
“Everyone should have somewhere to call home, but achieving that today is an insurmountable
struggle for far too many,” said Charlotte Harrison (pictured), chief executive of home financing at Skipton Building Society. “We know it’s all very well highlighting key housing issues, but this doesn’t help anyone if you don’t spend time exploring and investing in the solutions.
“Which is why, I’m pleased to announce that as well as launching a brand-new first-time buyer range this week, we are also making cuts to a variety of mortgage our mortgage rates too. In doing so, we’re helping to take another step forward in supporting home affordability.”
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