Skipton launches buy-to-let trackers
Both trackers, the cheapest starts at Bank Base Rate (BBR) plus 3.84% (pay rate 4.34%), available up to 70% loan to value (LTV), while an alternative tracker priced at 4.09% plus BBR (pay rate 4.59%) is available up to 75% LTV.
Both come with an application fee of £245 and a completion fee of £750, and an early repayment charge of 1% of the amount borrowed applies throughout the mortgage term.
Free legal fees and valuations are available for remortgages, and the deals are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
These mortgages complement the Society’s existing range of two, three and five-year buy-to-let fixes at rates starting at 3.89% from 60% LTV.
Skipton’s Head of Products, Kris Brewster, said:
“Our buy-to-let deals continue to prove popular. We’re launching these new tracker rates in order to offer varied options, whether people prefer the certainty of a fixed rate or would rather benefit from a lower rate now, in the expectation that a Base Rate rise may be still some way off.
“Although the fee on the 70% LTV product has risen slightly, by 0.15%, the rate on the 75% LTV product remains the same and we have offset this with improvements to other product criteria.
“For example, we have reduced the fees payable on the 75% product by £500 and the ERC on both mortgages is now just 1% throughout their term.”