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Sainsbury’s Bank and Skipton cut buy-to-let mortgage rates

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  • 21/06/2018
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Sainsbury’s Bank and Skipton cut buy-to-let mortgage rates
Sainsbury's Bank and Skipton Building Society have both reduced interest rates across their respective buy-to-let mortgage ranges.

 

Sainsbury’s Bank has cut rates on two and five-year buy-to-let fixes, for both purchases and remortgages.

 

Purchase rates have been reduced at 75% loan to value (LTV), while remortgage product rates have been cut at both 60% and 75% LTV.

All products continue to come with a £250 cashback, and remortgage products also come with a free standard valuation.

It means the lender now offers at 75% LTV two-year fixed rates of 1.70% with a £1,995 product fee; 1.95% with a £995 product fee; and 2.36% with no product fee.

And in the buy-to-let five-year fixed rate purchase range at 75% LTV, Sainsbury’s has rates at 2.59% with a £1,995 product fee;  2.71% with a £995 product fee; and 2.83% with no product fee.

The lender also offers a two-year fixed rate of 1.45% at 60% LTV,  with a £1,995 product fee.

And a five-year fixed rate remortgage rate of 2.16% at 60% LTV, with a £1,995 product fee.

 

 

Skipton reduces rates

At the same time, Skipton Building Society has cut rates by up to 0.23% on landlord mortgages for both purchase and remortgage.

The society’s refreshed buy-to-let range now includes five-year fixes at 2.29% at 60% loan to value (LTV) with a £995 fee; 2.40% at 70% LTV with £1,995 fee; and 2.59% at 75% LTV with £995 fee.

There is also a two-year fee-free fixed-rate of 2.19% at 60% LTV, while the three year fixed range features a 1.99% at 60% LTV with £995 fee.

The lender’s fee free products offer £350 or £500 cashback, depending on length of fix.

All buy-to-let products offer free valuations, with certain remortgage products also offering standard legal fees.

Kris Brewster, the Skipton’s head of products, said: “We are delighted to introduce this refreshed buy to let range, which can be used for both purchase and remortgage, and offer more products across varying LTVs.

“With rate reductions of up to 0.23%, we believe Skipton is offering good competitive products, with a range of completion fees providing more choice.

“Skipton’s buy to let deals continue to prove popular and we believe this new range offers great value for purchasers of buy to let property and for those wishing to remortgage their portfolio.”

 

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