Skipton Building Society has refreshed its range of three and five-year fixed rate mortgages.

It has cut rates by up to 0.31 percentage points.

Three and five-year fixes are now available from 75% LTV up to 90% LTV, with reduced rates starting from 3.95%.

Key Product Details:

Three-year fixed rate to 75% LTV

• Interest rate: 3.95% (was 4.19%);
• Fixed until: 30 September 2015;
• Early repayment charge: 3% of capital repaid plus interest to the end of the month during product term.

Three-year fixed rate to 80% LTV

• Interest rate: 3.99% (unchanged);
• Fixed until 30 September 2015;
• Early repayment charge: 3% of capital repaid plus interest to the end of the month during product term.

Three-year fixed rate to 85% LTV

• Interest rate: 4.69% (unchanged);
• Fixed until 30 September 2015;
• Early repayment charge: 3% of capital repaid plus interest to the end of the month during product term.

Three-year fixed rate to 90% LTV

• Interest rate: 5.89% (was 6.19%);
• Fixed until 30 September 2015;
• Early repayment charge: 3% of the capital repaid plus interest to the end of the month during product term.

Five-year fixed rate to 75% LTV

• Interest rate: 4.18% (was 4.49%);
• Fixed until 30 September 2017:
• Early repayment charge: 5,4,3,2,1% of the capital repaid plus interest to the end of the month.

Five-year fixed rate to 85% LTV

• Interest rate: 4.89% (unchanged);
• Fixed until 30 September 2017;
• Early repayment charge: 5,4,3,2,1% of the capital repaid plus interest to the end of the month.

Five-year fixed rate to 90% LTV

• Interest rate: 5.89% (-0.30%);
• Fixed until 30 September 2017.

Criteria applicable to all of the above products

• 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, apart from the three-year fixed rate to 80% LTV, which is only available from the Society directly.

“We’ve seen some downward fluctuation in swap rates recently, following news that the Bank Base Rate is expected to remain lower for longer, and this has enabled us to tweak the interest rates on our three and five-year fixes and make them even more attractive,” said Kris Brewster, Skipton’s head of products.

“At the same time, we’ve retained a wide selection of LTV options – up to 90% – to cater for a range of circumstances, including people whose equity has been reduced by current market conditions.

“And we continue to offer two and three-year tracker options, for people who are keen to take a punt on rates remaining lower for longer in order to benefit from a lower, tracker, rate today.”