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Skipton launches buy-to-let trackers

by: Paula John
  • 16/07/2012
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Skipton launches buy-to-let trackers
Skipton Building Society has launched two buy-to-let deals today.

Both trackers, the cheapest starts at Bank Base Rate (BBR) plus 3.84% (pay rate 4.34%), available up to 70% loan to value (LTV), while an alternative tracker priced at 4.09% plus BBR (pay rate 4.59%) is available up to 75% LTV.

Both come with an application fee of £245 and a completion fee of £750, and an early repayment charge of 1% of the amount borrowed applies throughout the mortgage term.

Free legal fees and valuations are available for remortgages, and the deals are available by phone, in-branches and through all intermediaries.

These mortgages complement the Society’s existing range of two, three and five-year buy-to-let fixes at rates starting at 3.89% from 60% LTV.

Skipton’s head of products, Kris Brewster, said: “Our buy-to-let deals continue to prove popular. We’re launching these new tracker rates in order to offer varied options, whether people prefer the certainty of a fixed rate or would rather benefit from a lower rate now, in the expectation that a Base Rate rise may be still some way off.

“Although the fee on the 70% LTV product has risen slightly, by 0.15%, the rate on the 75% LTV product remains the same and we have offset this with improvements to other product criteria.

“For example, we have reduced the fees payable on the 75% product by £500 and the ERC on both mortgages is now just 1% throughout their term.”

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