Skipton Building Society has launched two new fixed rate mortgages.

The rate on the five–year fixed rate product has been reduced by 0.20 percentage points compared to its predecessor.

&ltstrong&gtKey Product Details:&lt/strong&gt

&ltstrong&gtTwo-year fixed rate to 60% LTV&lt/strong&gt

* Interest rate: 3.59% (new to range)
* Fixed until: 30 June 2014
* Early repayment charge: 3% of capital repaid and interest to the end of the month.

&ltstrong&gtFive-year fixed rate to 85% LTV&lt/strong&gt

* Interest rate: 4.89% (reduced from 5.09%)
* Fixed until: 30 June 2017
* Early repayment charge: 5, 4, 3, 2, 1% of capital repaid plus interest to the end of the month.

&ltstrong&gtCriteria applicable to both of the above products:&lt/strong&gt

* Application fee: £195, completion fee: £800
* Revert to Bank Base Rate plus 4.45% (currently 4.95%)
* Overpayments of up to 10% per annum allowed without penalty
* Free legals and valuations available for remortgages.

These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.

Kris Brewster, Skipton’s head of products, said: “We are constantly monitoring both customer and market feedback