The changes will come into force at 9am on 28 July.
Skipton Building Society’s Track Record mortgage, launched in 2023, goes up to 100% loan to value (LTV) and includes rental history. It will be reduced by up to 0.4% compared to the initial launch rate.
The lender’s five-year fixed rate with no cashback is 0.4% down to 5.09% and its five-year fixed rate with £1,000 cashback is 5.24%, which is 0.35% down on the initial rate when it was launched.
Other rate cuts have been made to its Delayed Start range, which launched earlier this year and offers no mortgage repayments for the first three months, with its two-year fixed rate at 90% LTV with no fee and no cashback going from 4.89% to 4.84%.
Its two-year fixed rate at 95% LTV with no fee and no cashback will decrease from 5.05% to 4.99%, and its two-year fixed rate at 95% LTV for new builds with no fee and no cashback will go down from 5.15% to 5.09%.
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Skipton Building Society’s two-year fixed rate at 95% LTV with no fee and no cashback will reduce from 4.95% to 4.89%.
Its two-year fixed rate purchase deal at 60% LTV with a £1,495 fee and no cashback will go down from 4.03% to 3.05%.
The firm’s two-year fixed remortgage rate at 60% LTV with a £1,495 fee and no cashback will fall from 4.06% to 3.99%.
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: “Research on renters from the BSA and through Skipton Group’s own Home Affordability Index highlights just how many aspiring homeowners are continuing to be held back by the challenge of saving for a deposit.
“This needs to change; too many renters who expected to own a home by now are still unable to take that first step onto the ladder. This is not because of a lack of commitment, but because saving for a deposit remains one of the biggest hurdles.”
She continued: “Skipton’s Track Record Mortgage was designed specifically to help tackle this challenge, by enabling renters with a strong history of rent payments to step onto the property ladder without needing a deposit.
“With today’s rate reduction bringing Track Record to its lowest level since launch, we’re making it even more accessible for renters to realise their homeownership ambitions. We want to continue to offer innovation that truly reflects the realities people are dealing with today.”
