The Skipton Building Society has reduced interest rates on all of its current residential three and five-year fixed rate mortgages.

Interest rates are being lowered across the range, with fee-free options on purchase products including a three-year fix at 3.32% to 85% LTV and a five-year fix at 3.76% to 85% LTV.

For those who pay a £195 application fee and an £1800 completion fee the rates on these equivalent products are 3.02% and 3.44% respectively.

Fee-free options on remortgages include a three-year fix at 2.52% to 60% LTV and a five-year fix at 2.87% to 60% LTV.

Kris Brewster, the Society’s head of products, said: “We are pleased to offer these new competitive rates on three and five-year fixed rate purchase and remortgage products. It means that homebuyers and remortgage customers can have the security of fixing their mortgage payments over a longer period of time.

“By reducing the rates on our three and five-year fixed products and also offering a variety of fee options, Skipton is continuing to provide products which suit a number of different borrower requirements.”