Skipton Building Society is taking advantage of the increase in buy to let mortgage products that are being snapped up right now by introducing four new buy to let mortgage rates for those interested in investing in property.
The building society now offers two new base rate tracker products and an additional two year fixed rate buy to let product in order to meet the high demand for rental properties and help address the increase in property investment that has been seen since the middle of last year.
Among the new buy to let mortgage rates is a 70% LTV variable mortgage product that currently offers a 4.19% interest rate composed of the Bank of England base rate that has remained at the low .5% and another 3.69%.
The completion fee for the product is £750 and the deal also has an application fee of £245. The other base rate variable deal accommodates those with who need an LTV that stretches up to 75% and offers a 4.59% interest rate. The application fee for this product is the same although the completion rate is set higher at £1250.
Those that want a more secure deal and have a bit more upfront cash to work with may want to take a look at the fixed mortgages available from Skipton including the new fixed rate buy to let product that offers a low 3.89% although the LTV is capped at 60%.
This product is set on a two year term and also has an application fee of £245. Although the interest rate is lower, applicable parties will have to pay a completion fee of £2,250 and of course be able to meet higher equity demands.
All of the mortgages are set for two years after which all three of the products will return to the variable Bank rate plus an additional 4.45% which at the moment would leave mortgage holders paying 4.95%.
Head of products for Skipton building society, Kris Brewster, stated that they are offering the new products as part of their continued efforts to offer products to meet the increase in rental demand. He added that the aim is to offer the public new buy to let products to help heighten the amount of consumer interest when it comes to investing in property.