Skipton Update Residential Fixed Rate Product Ranges

Skipton for intermediaries have sent emails to all subscribing mortgage brokers this morning to announce that they will be making some changes to and re-introducing some of their residential fixed rate product offerings. The new changes will come in to effect this Tuesday at 9am and the lender has already announced what the new rates will be. These changes come after a week of debating and considering by mortgage lenders after it was announced that UK inflation had only dropped to 10.1% from 10.4%.

A drop is positive, however most people predicted that due to recent interest rate hikes and frequent large base rate rises from the Bank of England, interest rates would be down to single digits. But this wasn’t the case. Many then predicted that this will probably cause the Bank of England to raise the base rate again by either 0.25% or 0.50% when the monetary policy committee meet again in May. But will this mean mortgage interest rates will rise?

New Residential Fixed Rate Product Offerings From Skipton

Despite the inflation rate remaining high and the likelihood of another base rate rise being pretty certain, lenders like Skipton are still re-structuring and reducing their interest rates and product offering. We are also finding that a lot of these are happening for higher loan to value products too (lower deposit mortgages). Here is a breakdown of the products that Skipton will be offering on the 25th of April 2023.

• Reintroduction of Skipton’s 2 and 5 year fixed rate residential products which include a completion fee.
• Reintroduction of Skipton’s 5 year fixed rate residential 90% LTV products.

Residential Fixed Purchase 2-Year Fixed Products

1. 5.02% – 60% LTV –  Pur / Rem – £5,000 to £3,000,000 max
2. 4.81% – 60% LTV –  Pur / Rem – £5,000 to £3,000,000 max
3. 5.13% – 75% LTV –  Pur / Rem – £5,000 to £3,000,000 max
4. 4.87% – 75% LTV –  Pur / Rem – £5,000 to £3,000,000 max
5. 5.21% – 85% LTV  – Pur / Rem – £5,000 to £800,000 max
6. 5.03% – 85% LTV  – Pur / Rem – £5,000 to £800,000 max
7. 5.36% – 90% LTV  – Pur / Rem – £5,000 to £600,000 max
8. 5.15% – 90% LTV  – Pur / Rem – £5,000 to £600,000 max
9. 5.72% – 95% LTV  – Pur/AB  – £5,000 to £600,000 max
10. 5.52% – 95% LTV  – Pur/AB  – £5,000 to £600,000 max

Residential Fixed Purchase 5-Year Fixed Products

1. 4.41% – 60% LTV –  Pur / Rem – £5,000 to £3,000,000 max
2. 4.35% – 60% LTV –  Pur / Rem – £5,000 to £3,000,000 max
3. 4.45% – 75% LTV –  Pur / Rem – £5,000 to £3,000,000 max
4. 4.40% – 75% LTV –  Pur / Rem – £5,000 to £3,000,000 max
5. 4.55% – 85% LTV  – Pur / Rem – £5,000 to £800,000 max
6. 4.50% – 85% LTV  – Pur / Rem – £5,000 to £800,000 max
7. 4.74% – 90% LTV  – Pur / Rem – £5,000 to £600,000 max
8. 4.60% – 90% LTV  – Pur / Rem – £5,000 to £600,000 max
9. 5.04% – 95% LTV  – Pur/AB  – £5,000 to £600,000 max
10. 4.99% – 95% LTV  – Pur/AB  – £5,000 to £600,000 max

Speak To A Mortgage Advisor About Dropping Interest Rates

Mortgage interest rates will continue to drop eventually, even if there is a base rate rise in May and rates temporarily go up. So if you are interested in seeing what rates might be available to you, please feel free to give our team a call today to see how we can help.