Skipton Building Society is dropping the rates on of its mortgages, making it cheaper to get on the property ladder. These cuts could mean lower monthly payments for borrowers.

Here’s what you need to know:

First-time buyers:

• Skipton’s lowest ever rate on its ‘Track Record Mortgage’ makes it easier for renters to get a foot on the property ladder. It’s down by 0.15% to 5.29%
• Bag a five-year fixed rate at 4.89% if you’ve got a 10% deposit. Plus, you get £1,500 cashback! That’s 0.36% off their previous rate.

Everyone else:

• The cheapest deal on offer? A five-year fixed rate at 3.99% if you can stump up a 40% deposit. While you do have to pay a £2,995 fee, the lower rate could save you thousands over the long run. That’s a decent 0.16% off the previous rate.
• Need a shorter-term fix? A two-year fixed rate is now available at 5.34% for those with a 10% deposit. This is a 0.12% reduction and this one is fee-free!

Jennifer Lloyd, at Skipton, says “We’re chuffed to bits to be slashing rates across our mortgages, giving everyone a helping hand, whatever their situation.”

The new rates kick in on Monday 30th September.