Skipton Building Society has lowered buy-to-let stress rates for select products as well as cut mortgage rates for residential, new build and government scheme products.
For products with fixed term of less than five years, the buy-to-let stress rate has gone down from 7.6 per cent to 7.15 per cent.
The rate for assessment of background buy-to-let properties has gone down from 7.6 per cent to six per cent.
Products with a fixed term of five years or more, the buy-to-let stress rate will remain the same at six per cent.
A spokesperson said: “As a responsible lender, we set our stress testing for interest rate risk to account for future predictions of where interest rates might fall. Since the mini budget, the market outlook for interest rates has reduced slightly, and therefore our changes reflect these latest views.”
From 9am tomorrow the lender will change rates in its two and five-year fixed residential range, and will cut rates on its two-year new build deals.
Two-year fixed residential rates start from 4.75 per cent and five-year fixed rates begin from 4.16 per cent.
New build deals are priced from 5.73 per cent.
Rate cuts have also been applied to two and five-year products in its government scheme ranges.
For instance, shared ownership begins from 5.47 per cent, Help to Buy starts from 5.15 per cent and First Homes are priced from 5.3 per cent.
The lender has also extended the end dates of our two-year new build and government scheme products to September 2025.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
