Skipton Building Society Reduces Mortgage Rates

Skipton Building Society is taking a competitive stance in the mortgage market by lowering many of its mortgage rates.

Many of the rates have been lowered by 0.5% on many of the society’ fixed rate mortgages. Completion fees have also been reduced from £995 to £800, although an application fee of £195 is still payable for all products.

As usual with lenders, rates for mortgages depend on LTV requirements. For example, a two year fix with a 70% LTV will be now charged at 3.43% (down from 3.49%), whereas a rate of 5.49% will apply for the same mortgage with a 90% LTV.

The Skipton also offers three year fixes with a minimum LTV of 60%, at 4.09% (reduced from 4.29%), rising to 5.79% for 90% loan to values.

There are also options for those who want to avoid completion fees, but are willing to pay higher rates throughout the fixed rate period.

Applicants should note that early repayment charges of 3% of capital repaid plus interest to the end of the month apply during the fixed period.

It is interesting to note that the Skipton is one of the few lenders to offer a 95% LTV fixed rate mortgage, which indicates that mortgage providers are gradually becoming more willing to lend, however they still exercise considerable caution when appraising an applicants financial position.