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Skipton refreshes three and five-year fixed rate range

by: Samantha Partington
  • 30/09/2014
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Skipton refreshes three and five-year fixed rate range
Skipton Building Society is set to reduce rates across its three and five-year fixed rate residential mortgages and add new products to the range.

The new three-year deals are fixed at 4.36% and 4.75% at 90% loan-to-value (LTV) dependant on fees. There is also a fee-free three-year fix at 2.77% up to 60% LTV.

Highlights from the rate cuts include three-year fixes at 3.07% up to 75% LTV and 3.61% up to 85% LTV, both with no application or completion fees.

The five-year rate cuts include a 3.29% rate up to 75% LTV and 4.85% up to 90% LTV both with a £195 application fee and an £800 completion fee.

Kris Brewster (pictured), Skipton’s head of products, said: “We’re continuing to lend strongly, in line with our commitment to doing everything to help borrowers and the ongoing popularity of our products is a reflection of that.”

Speaking at FSE 2014, Charles Haresnape, managing director of Aldermore and chairman of the Intermediary Mortgage Lenders Association called lenders’ fixed rate price cuts ‘window dressing’.

He said: “I think it’s window dressing by the big lenders for the year-end accounts. So I think essentially what they’re doing is taking market share as much as possible, because that always happens at this time of year. I don’t think it’s anything surprising.”

He said lenders had been cutting back their own margins in order to lower rates but expected this price war would come to an end within the next month.

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