Skipton Building Society has announced new mortgage rate reductions across a number of its fixed and tracker rate products.
Products benefitting from the new round of rate cuts include selected residential two-year fixes and its Track Record products.
The rate on Skipton's Track Record mortgage has reduced from 5.65% to 5.55%.
The 100% LTV Track Record mortgage launched exclusively for renters in May last year. The mortgage is available to tenants who feel 'trapped' in the rental cycle and are over the age of 21. The product is subject to affordability and credit score, plus evidence of a minimum of a 12-months good track record rental history.
Skipton also ensures the monthly mortgage payment for each applicant is not more than the average of their last six months rental costs that they have paid. For example, a tenant paying an average of £800 per month over the last six months will have a maximum monthly mortgage payment of £800.
As part of the latest changes, the society has also reintroduced higher LTV remortgage options, including residential 85% and 90% LTV fixed rate remortgage products.
In addition, Skipton has reintroduced fee products to its fixed purchase range.
