Skipton launches new buy-to-let tracker mortgages
Skipton Building Society is further improving its buy-to-let mortgage range, with two competitive new base rate trackers.
Available at 60% and 70% LTV, and at rates starting from Bank Base Rate (BBR) plus 2.74%, the new products launch today and are now available to the whole of the intermediary market (previously they were only available to selected intermediaries) as well as via Skipton's branches and Skipton Direct contact centre.
The two new products complement the Society's existing range of 2 and 3-year fixed rate buy-to-let mortgages, and their launch coincides with the introduction of a number of criteria changes designed to make it even easier for current and would-be landlords to do business with Skipton.
Kris Brewster, Head of Products, said: "We're delighted to be able to further enhance our buy-to-let offering with these attractive new products which will improve the choice available for consumers and now for the whole of the intermediary market as well. We now offer both variable and fixed rates on our buy-to-let mortgage range, thereby allowing customers to choose the product that is most suited to their individual circumstances.
"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 the criteria changes which coincide with this new product launch 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."
The experience of Skipton's estate agency business, Connells Group, has recently echoed market sentiment that the landlord sector is experiencing a resurgence, making now a good time to consider this kind of investment.
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.
The Society's latest offering builds on the popularity of the attractive and innovative mortgage solutions it has provided over the past year, ranging from varied and consistently competitive fixed and tracker rates to some of the only 95% LTV products available. The Society's track record for mortgage and savings value was recognised with 471 independent Best Buy table endorsements in national media during 2010.
For more information, visit skipton.co.uk.