Following its BTL base rate trackers launched last week, the new 2-year fix launches on Wednesday 8 June. It is available via Skipton's branches, Skipton Direct contact centre and all intermediaries.
Product Highlights
2-year fixed rate mortgage - up to 70% LTV
- Fixed until 31/07/13
- Completion fee £2,495
- Overpayments of up to 10% per annum allowed for two years
- Early repayment charge 4% of capital repaid until 31/07/13
- Reverts to BBR plus 4.45% after 31/07/13
- Available for both purchase and remortgage
- Free legals and valuations on remortgages
- Maximum loan amount: £500,000.
Kris Brewster, Head of Products, said:
"Once again, we've listened to our customers and intermediaries and produced what we believe is a very attractive new product offering to meet their requirements.
"Some current and would-be landlords have been telling us that they would rather pay a larger up-front fee and benefit from a lower rate over the product term, because of the way deductions are calculated on any rental income they receive. That's why we've structured this new product the way we have and we believe it's a market leader of its type.
"Today's launch further enhances the choice we have available for buy-to-let customers and the intermediary market, whether it's the fee, the rate - or indeed the flexibility of a tracker product - they value most."
Kris added:
"We returned to buy-to-let lending earlier this year in line with our mutual commitment to helping people to achieve their varied homeownership aspirations, and hope this additional, competitive product will make property investment possible for even more people.
"We believe this is an excellent time to consider becoming a landlord, with rental demand soaring due to limited mortgage availability and indications that people are increasingly looking to rent until later in their lives, in keeping with the more European model of homeownership."
Sequence Lettings, which is part of the Connells Group, saw the number of people looking to rent through its 82 national branches increase by 37% in 2010 compared to the previous year, and the upward trend continues into 2011.
