Skipton Building Society has launched a new suite of products for property investors.
The range of two, three and five year fixed rate buy-to-let products boasts reduced rates and fees – as well as greater flexibility around fee choices.
Key Product Details
2 year fixed rate to 70 per cent LTV
Interest rate: 3.89 per cent (was 4.09 per cent);
Fixed until: 30 April 2014;
Application fee: £245, completion fee £2,250;
Early repayment charge four per cent of capital repaid and interest to the end of the month.
2 year fixed rate to 70 per cent LTV (low fee option)
Interest rate: 4.29 per cent (was 4.39 per cent);
Fixed until: 30 April 2014;
Application fee: £245, completion fee £750 (was £995);
Early repayment charge four per cent of capital repaid plus interest to the end of the month.
3 Year Fixed Rate to 70 per cent LTV
Interest rate: 4.29 per cent (new to range);
Fixed until 30 April 2015;
Application fee: £245, completion fee £1050;
Early repayment charge: 4 per cent of capital repaid plus interest to the end of the month.
5 Year Fixed Rate to 70 per cent LTV
Interest rate: 4.59 per cent (new to range);
Fixed until 30 April 2017;
Application fee: £245, completion fee £2,250;
Early repayment charge: 5, 4, 3 per cent of capital repaid plus interest to the end of the month.
5 Year Fixed Rate to 70 per cent (percentage fee option)
Interest rate: 4.89 per cent (no change)
Fixed until 30 April 2017;
Application fee: £0, completion fee 2 per cent.
Criteria applicable to all of the above products
Revert to Bank Base Rate plus 4.45 per cent (currently 4.95 per cent);
Overpayments of up to 10 per cent per annum allowed without penalty;
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.
Skipton’s head of products, Kris Brewster, 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 2 and 3 year products, in return for a slightly higher fee for the longer term option.”
