Skipton reduces rates with new range of buy-to-let mortgages

Skipton Building Society has today launched a competitive new suite of products for property investors with lower fees and rates reduced by up to 0.2%.

The range of two, three and five-year fixed rate buy-to-let products also aims to give buyers greater flexibility around fee choices.

They include a two-year Fixed Rate to 70% LTV, with an interest rate of 3.89% (was 4.09%) fixed until 30 April 2014, an application fee of £245 and completion fee of £2,250. It has an early repayment charge of 4% of capital repaid and interest to the end of the month.

The two-year Fixed Rate to 70% LTV (low fee option) has an interest rate of 4.29% (was 4.39%) fixed until 30 April 2014, an application fee of £245 and a completion fee of £750 (was £995). It has an early repayment charge 4% of capital repaid plus interest to the end of the month.

The three-year Fixed Rate to 70% LTV has an interest rate of: 4.29% (new to range) fixed until 30 April 2015, an application fee of £245, completion fee of £1050 and an early repayment charge of 4% of capital repaid plus interest to the end of the month.

The five-year Fixed Rate to 70% LTV has an interest rate of 4.59% (new to range) fixed until 30 April 2017, an application fee of £245, completion fee of £2,250 and an early repayment charge of  5, 4, 3% of capital repaid plus interest to the end of the month.

The five-year Fixed Rate to 70% (percentage fee option) has an interest rate of 4.89% (no change) fixed until 30 April 2017, no application fee, and a completion fee of 2%.

All these products revert to Bank Base Rate plus 4.45% (currently 4.95%), carry an over payments of up to 10% per annum without penalty and free legals and valuations available for remortgages.

These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.

Kris Brewster, Skipton’s head of products said: “We recognise that landlords play a vital role in bringing competition and vitality to the struggling mortgage market as well as providing private letting options for the first time buyers of the future. That’s why we’ve worked hard to cater for their needs with a competitive and varied range of product options since re-entering this market a year ago.

“We’re constantly listening to customer feedback and these latest products reflect some of the features they’ve said they want, including a choice of fee arrangements as well as even more competitive rates.

“We’re also giving people more flexibility around their choice of product term with the same rate applicable to the two and three-year products, in return for a slightly higher fee for the longer term option.”

Source: propertywire.com
 
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