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Skipton Building Society Cuts Interest Rates on Buy-to-Let Mortgages
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Skipton Building Society has launched a revised series of fixed rate buy-to-let mortgage products, with interest rates cut on certain deals by up to 0.18%.
This will come as good news to those landlords that are hoping to beat the 1st April Stamp Duty deadline.
Skipton Building Society Cuts Interest Rates on Buy-to-Let Mortgages
Skipton is offering a range of buy-to-let mortgages on two and five-year fixed rate terms, with purchase and remortgage products priced separately for 60%, 70% and 75% loan-to-value (LTV) bands.
The new buy-to-let range for property purchase includes five-year fixed rates at 3.69% at 70% LTV and 3.89% at 75% LTV, both with £995 fees.
For those looking to remortgage, the two-year fixed rate range includes a 2.19% deal at 60% LTV with a £1,995 fee, a 2.49% deal at 60% LTV with a £995 fee and a fee-free 3.19% rate at 60% LTV.
The five-year series includes a fee-free 4.17% deal at 75% LTV.
All remortgage products offer a free valuation and standard legal fees, while all purchase products include a free standard valuation.
The Head of Products at Skipton, Kris Brewster, explains why the building society decided to launch the new range: “Thanks to our prudent approach to lending, buy-to-let has always been a valuable and high-performing part of our mortgage portfolio. Our buy-to-let deals continue to prove popular and we are delighted to offer this refreshed fixed rate buy-to-let mortgage range with lower interest rates.
“We believe the 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.”1
From 1st April, buy-to-let investors and second homebuyers will be charged an extra 3% Stamp Duty on properties worth over £40,000. As many landlords are already rushing to invest in the sector, could one of these buy-to-let mortgages help you beat the deadline?
1 https://www.landlordtoday.co.uk/breaking-news/2016/2/skipton-cuts-btl-mortgage-interest-rates
