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