Buy-to-let rates cut by Skipton

Skipton Building Society has launched a range of new fixed rate buy-to-let mortgage products with interest rates lowered on certain products by up to 0.5%.

The latest two and five-year term purchase and remortgage products come at 60%, 70% and 75% loan-to-value (LTV) bands, with borrowing rates starting from less than 2%.

The new two-year fixed rate at 1.89% to 60% LTV and a five-year fix at 2.99% up to 70%, both come with £1,995 arrangement fees.

For those looking to remortgage, the two-year fixed range includes a 2.15% to 60% LTV and a 2.49% at 70% LTV, both with £995 fees.

All remortgage products offer free valuation and standard legal fees, while all purchase products include a free standard valuation.

Buy-to-let remains an attractive proposition for many property investors, especially in light of the fact that interest rates have just been cut to 0.25%, according to Kris Brewster, Skipton’s head of products.

Brewster said: “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.

“We have a total of 36 products in our buy-to-let range to give landlords and potential landlords plenty of choice and as many different options as possible to help suit their many different needs.”

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