Skipton Building Society has announced a series of rate cuts across its entire fixed rate mortgage range, alongside the recent expansion of its deferred mortgage offer.
From Friday 25 September, interest rates across Skipton’s fixed rate mortgage range for new and existing customers will fall by an average of 0.15%.
The changes follow Skipton’s launch earlier this week of its Deferred Forward Mortgage programme, which now allows a wide range of home operators to delay their first mortgage payment for up to three months after completing a property purchase.
Previously only available to first-time buyers, this offer has been expanded to support more customers to take their next step on the housing ladder.
In addition, Skipton has introduced new three-year fixed price products to its LTI Booster range at 90% LTV.
Product highlights include: 2-year fixed subscription, 95% LTV, £0 fee: 5.72% (previously 5.84%); Five-year fixed value, 95% LTV, £995 fee: 5.49% (previously 5.76%)
Commenting on the product offering, Jane Lloyd, Head of Mortgage Products and Propositions at Skipton Building Society, said:
“Although improving market conditions have created opportunities to lower rates, the economic outlook remains uncertain. It is important that lenders continue to balance supporting customers today with lending responsibly over the long term.”
She added: “We know affordability continues to be a challenge for many borrowers, which is why we’re focusing not only on pricing, but also on providing greater flexibility. Our expanded mortgage program now gives more home movers up to three months before making their first mortgage payment, helping to alleviate some of the financial stress that can come with moving home.”
