Skipton launches two year fixed rate mortgage at 2.48%

In line with its commitment to substantially increasing lending in 2011, Skipton Building Society will tomorrow launch its lowest ever fixed rate mortgage, at only 2.48%. This new 2 year fixed rate is available to people with deposits of at least 40%. A 2 year base rate tracker with a current pay rate of 1.98%, up to 60% LTV, is also being made available.

The Society is also introducing a number of criteria changes to further enhance its flexible and varied range of mortgages, and make them accessible to even more borrowers. These include higher potential loan amounts up to 80% and 90% LTV and an extension of the period for which mortgage offers remain valid from 3 months to 6 months.

Skipton's Head of Products, Kris Brewster, said: "As a mutual, Skipton is committed to bringing competition and choice to the mortgage market, by offering consistently good value mortgages - and loans which meet people's evolving needs in current market conditions.

"We're already one of the only lenders offering alternative solutions such as low-deposit and buy-to-let mortgages and now we're delighted to be providing two market-leading new two year deals for people with a little more equity in their homes.

"The new 2 year fixed rate at 2.48% is the lowest fixed rate Skipton has offered in its history and is a further sign of our commitment to offering competitive rates to customers.

"The fees on these latest products are a little higher, to appeal to people who would prefer to pay more upfront in return for a very attractive rate over the term of the product. However, we offer a good choice of low fee/low rate options across our range to suit a wide variety of preferences."

Head of Residential Lending, Colin Dale, added: "We're constantly listening and responding to member feedback, to ensure our mortgage products remain among the most competitive available and appropriate for their needs.

"It's as a result of this that we're making changes to our lending criteria, to open up possibilities for more people while lending prudently and responsibly as people expect a mutual to do."

Anyone wishing to find out more about our new mortgage range can visit the Society's website at skipton.co.uk/mortgages.