Skipton Building Society is doing a major overhaul to its two-year fixed mortgage portfolio, cutting rates by up to 0.69 percentage points.
The new product range, to be launched from 15 January, includes the lowest fixed rate Skipton has ever offered.
The rate on the two-year fix to 50 per cent loan-to-value with a £995 fee was reduced to 1.36 per cent from 1.59 per cent.
The society expects that another two potential best buys would be the fee free two-year fix at 1.93 per cent (cut from 2.28 per cent) to 75% LTV and a fee free two-year fix at 3.28 per cent (was 3.82 per cent) to 90 per cent LTV.
Skipton is confident its new offers will be attractive to homebuyers who are looking to fix their payments in the most popular term of two years.
The biggest cut is on a two-year fix to 90 per cent LTV with £995 fee. The rate was slashed to 3.09 per cent from 3.78 per cent.
Skipton also boasted two of its new remortgaging offers – a fee free two-year fixed rate to 60 per cent LTV at 1.95 per cent, and a two-year fixed rate to 85 per cent LTV at 2.59 per cent with £995 fee.
Altogether, the society has reduced the rates on 26 of its purchase and remortgage products with term of two years and LTV ranging from 50 per cent to 90 per cent.
Kris Brewster, the Society’s Head of Products, comments:
“This latest reduction in our fixed rates comes as Skipton continues to add value to its mortgage range. In the past few months we have removed all upfront application fees, seen large reductions on our rates, and we have recently announced an increase in brokers’ residential procuration fees to 0.40%.
“Skipton is entering 2015 with the clear message that we want to offer new and existing customers the most competitive rates and the best levels of service to enable them to complete their purchase or remortgage in the quickest possible timescale.”
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