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Skipton and Kent Reliance cut buy-to-let rates

by: Edward Murray
  • 06/02/2017
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Skipton and Kent Reliance cut buy-to-let rates
Lenders continue to cut buy-to-let mortgage borrowing rates with Skipton Building Society and Kent Reliance launching new products.

Skipton Building Society has launched a new range of two, three and five-year fixed rate additional borrowing products for both residential and buy-to-let customers, lowering rates by up to 0.5%. Kent Reliance has also launched and new five-year buy-to-let mortgage range with rates starting at 3.59%.

The additional borrowing range from Skipton Building Society for residential purposes includes two-year fixes at 3.50% for borrowing up to 75% loan-to-value (LTV) and 3.79% for borrowing up to 90% LTV.

There are five-year fixes at 4.15% for borrowing up to 75% LTV and 4.29% for borrowing up to 90% LTV. Newly-introduced three-year fixes are also available.

Buy-to-let owners can access additional borrowing at 3.64% for borrowing up to 75% LTV for a two-year fix, and at 4.39% for borrowing up to 75% LTV for a five-year fix. A new 3-year fix has also been introduced. None of these products carry a completion fee.

Commenting on the refreshed range, Kris Brewster, Skipton’s head of products, said: “Whether homeowners are looking to make improvements to their property or need the capital for other purposes, Skipton has a range of additional borrowing products available, with no application or completion fees to pay, providing you are an existing mortgage customer.”

Specialist lender Kent Reliance, part of OneSavings Bank, has introduced changes to its five-year fixed buy-to-let mortgage products. Rates start at 3.59% with borrowing available on loans ranging from 65% LTV to 85%. These products are available for purchase or remortgage and for standard or specialist buy to let.

Adrian Moloney, sales director at OneSavings Bank, said: “Our new five-year fixed BTL range will continue to offer the right criteria, flexibility and choice. We believe that brokers will welcome our best-ever five-year rates as they seek cost savings and flexibility options on behalf of their customers.”

The changes come hot on the heels of those made by Barclays at the end of last week, when the lender increased buy-to-let procuration fees by 0.05% in a bid to ‘recognise the additional work involved in sourcing, advising and completing a buy-to-let mortgage.’

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