Skipton Building Society will cut fixed rates across selected products and launch three-year fixes tomorrow (12 September).  

The mutual says the reductions will come among its residential, landlord, new build and government scheme ranges.  

Its new three-year home loan offer comes as 800,000 fixed-rate deals are due to end in the second half of this year, according to banking trade body UK Finance, with around 1.6 million deals ending in 2024.    

Many of the homebuying market’s core two- and five-year deals were signed at sub-2% mortgage rates, but both of these terms now are well above 6%, as the Bank of England base rate has lifted 14 times since December 2021. The current central bank base rate is 5.25%.    

TSB and First Direct are among other lenders who have launched three-year loans in recent weeks, which allows borrowers to sign marginally longer deals, and hope that mortgage rates will ease over this period before taking up new deals    

Skipton also adds that it will extend its end dates to December 2025/2026/2028 on selected products in its residential and buy-to-let product ranges.  

End dates for new build and government scheme ranges will be extended to March 2026 and 2029.  

The mutual will also withdraw selected fixed residential rates. 

The post Skipton cuts rates, launches 3-year products    appeared first on Mortgage Strategy.