The Skipton Building Society is to reduce rates by up to 0.50 percentage points tomorrow (22 October) when it launches a new residential fixed rate mortgage range.

The range includes new two and five-year fixes with no application fees and rate reductions on all two-year fixes and selected five-year fixes.

On the purchase side, Skipton’s new range includes a two-year fix rate at 1.49% to 60% LTV (£995 completion fee) and a fee free five-year fixed rate at 3.77% to 90% LTV.

For those wishing to remortgage, the range includes two-year fee free rates at 2.59% to 85% LTV and 3.39% to 90%; a two-year rate at 2.99% to 90% (£995 completion free), and a 5 year fee free rate at 2.65% to 60% LTV and five-year rate at 2.39% to 60% LTV (£995 completion fee).

Kris Brewster (pictured), the Society’s head of products, said: “Skipton continues to add value to its residential mortgage range with these new two and five year fixed term products. We have cut interest rates significantly across the range.

“Skipton’s clear message continues to be that we want to offer new and existing customers the most competitive rates and the best levels of service to enable them to complete their purchase or remortgage in the quickest possible timescale.”