Skipton Building Society Cuts Mortgage Rates Across the Board

In a move that is set to shake up the mortgage market, Skipton Building Society has announced a reduction in rates across its mortgage product range. The changes, which come into effect from 9am tomorrow, Tuesday 9th July, will see rate cuts across 60% and 75% loan-to-value (LTV) fixed residential purchase products, as well as rate reductions to 60% and 75% LTV fixed residential remortgage products.

New mortgage rates on the horizon

The society’s biggest reduction is its 2-year fixed purchase 60% LTV no fee at 4.99%, which will be reduced by 0.33% from 5.32%. This move is likely to be welcomed by first-time buyers and those looking to get on the property ladder.

Additional new rates include a 5-year fixed remortgage 75% LTV £1295 fee at 4.59%, reducing by 0.12% from 4.71%, and its 2-year fixed remortgage 60% LTV £495 fee at 4.99% reducing by 0.20% from 5.19%. These changes will provide homeowners with more options when it comes to remortgaging their properties.

Mortgage applications set to increase

This move by Skipton Building Society is likely to have a ripple effect on the mortgage market, with other lenders potentially following suit. It’s a great time for homeowners and first-time buyers to review their mortgage options and take advantage of the new rates on offer.

“The mortgage market is highly competitive, and lenders need to stay ahead of the game to attract customers. Skipton Building Society’s rate cuts are a welcome move, and we expect to see other lenders responding in kind.” - Source

Mortgage brokers will be busy

The changes to Skipton Building Society’s mortgage rates are a positive step for the mortgage market. With more options available, homeowners and first-time buyers will be able to find the best deals to suit their needs.