Skipton BS slashes high LTV rates as NatWest makes increases and pulls deals – round-up

The bank has also pulled two and five-year products with a £995 fee and £250 cash back for existing customers.

Changes to NatWest’s range are effective from tomorrow and brokers wanting to secure current products and rates must submit applications by 10.30pm today. 

Rate changes include the five-year fixed purchased product at 85 per cent LTV with a £995 fee and £250 cash back. This mortgage has increased from 3.04 per cent to 3.29 per cent. 

Its equivalent at 80 per cent LTV has risen by nine basis points to 2.29 per cent, while at the lower end of the scale, the 60 per cent LTV offering has increased 15 basis points to 1.8 per cent. 

The two-year fixed fee-free remortgage at 85 per cent LTV has increased from 2.9 per cent to 3.24 per cent and the £995 fee paying option has gone up to 2.64 per cent, a change of 20 basis points. 

Skipton cuts new business rates 

Meanwhile, Skipton Building Society has reduced rates on its standard residential mortgages for new borrowers, with some products seeing cuts of 0.99 per cent. 

As of 28 October, the two-year fixed at 85 per cent LTV with a £995 fee will be cut to 2.85 per cent from 3.49 per cent. For a five-year fixed term at the same tier, the rate has been reduced to 2.99 per cent from 3.94 per cent. 

The fee-free five-year fixed mortgage at 60 per cent LTV has been cut from 2.3 per cent to 1.77 per cent while the £995 fee option is 1.45 per cent, down from 1.94 per cent. 

Skipton Building Society head of mortgages Alex Beavis said: “We’re delighted to offer a refreshed residential mortgage range for purchase and remortgage with interest rate reductions across the board.  

“In today’s ever-changing market, it is important to Skipton that we provide all customers, new and existing, the opportunity to ensure their money and mortgages are in a good place, bringing peace of mind to customers.” 

“The housing market continues to become increasingly busy and because of that we urge potential buyers to make applications as soon as possible to take advantage of the current temporary changes in stamp duty,” he added.