Skipton Building Society is reducing rates across several of its mortgage product ranges.
From Monday, Skipton will reduce rates on its 100% Track Record mortgage to the lowest level since the product launched. With an initial launch rate of 5.49%, the latest reduction brings the rate down by 0.40 percentage points.
Skipton has also reduced rates across its Delayed Start range, which offers borrowers no mortgage repayments for the first three months.
Two-year fixed rates now start from 4.84% at 90% LTV and 4.99% at 95% LTV.
In Skipton's standard range, two-year fixed rates have reduced to 3.95% at 60% LTV, with a remortgage product down to 3.99%, both with a £1,495 fee.
Jen Lloyd, head of mortgage products and proposition, 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.
“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.”
