Skipton Building Society has made rate reductions across more than 20 of its mortgage deals, with cuts of up to 0.37%.
Changes have been made to the mutual’s two- and five-year fixed rate mortgages.
This includes a two-year fixed deal at 85% loan to value (LTV) with a £1,495 fee, which now has a rate of 4.97%, down from 5.31%.
At 95% LTV, Skipton Building Society has reduced the rate of a five-year fixed deal by 0.11% to 5.19%.
The mutual has also introduced new products for borrowers with a smaller deposit.
There is a two-year fixed option at 95% LTV with £500 cashback and a rate of 5.82%. The five-year fixed alternative has a rate of 5.28%.
The changes will be available from 21 August and outgoing options will be withdrawn at 10pm on 20 August.
In its half-year results, Skipton Building Society said first-time buyers made up more than two-fifths of its business in the first six months of 2024, which was up on a share of 31% during the same period last year. The mutual posted a profit of £118.8m for the period, up from £112.7m in H1 2023.
This revelation came after Skipton Group released its first affordability report, detailing the barriers faced by first-time buyers when getting on the property ladder. Its research found that the majority – 80% – of first-time buyers did not have enough savings to be able to purchase a home in their local area.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
