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Skipton reduces government scheme rates

Skipton Building Society has announced that it will be reducing the rates across the full slate of mortgage products that it offers under the various government schemes like Help to Buy.

This means that the rates across all of its fixed five and two-year loans that come under these schemes are being cut, sometimes by as much as 0.36%. Among the new offers available from the mortgage lender are a First Homes scheme fixed five-year loan that has loan to value (LTV) of 95% and a new rate set at 5.28% for people looking to buy.

There is also a fixed five-year mortgage that comes under the shared ownership scheme and that has LTV of 95% and a new rate of 5.90%, plus a two-year fixed Help to Buy mortgage that has LTV of 60% and a 5.39% rate for both remortgage and purchase borrowers.

Speaking to Mortgage Strategy, the mortgage products head at Skipton, Charlotte Harrison, said:

“I’m pleased we are starting off the new year by reducing rates on some already great government schemes designed to give a helping hand to those looking to purchase a home.”

This news follows the decision by the building society to reduce rates across both its buy-to-let and residential ranges at the end of last year. It is also part of a wider trend of rate reductions among lenders since the start of 2023.

Moves to reduce rates are always welcome among advisors with CeMAP training, but especially right now with borrowers facing so many other economic obstacles.

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