Skipton Building Society has announced a range of new mortgages and a rate cut on a popular product for renters.

From today, 12 new mortgages with an 80% loan-to-value (LTV) are available. This means buyers need a 20% deposit, opening up options for those who have previously struggled to get on the property ladder. These new mortgages are available for both purchases and remortgages and offer a variety of options to suit different budgets, including:

• 2-year and 5-year fixed-rate deals
• No fee, mid fee, and high fee options
• Cashback options

Here are some examples of the deals on offer:

• 5-year fixed-rate mortgage at 4.35% with a £2,995 fee (for those buying a home)
• 2-year fixed-rate remortgage at 5.28% with no fee

Renters get a boost with rate cut

There’s even more good news for renters! Skipton has also slashed the rate on its Track Record Mortgage, a product designed specifically for those who want to buy but have a history of renting. The rate has been cut by 0.05%, bringing it down to 5.44%. This product allows renters to borrow 100% of the property value, meaning no deposit is required.

This rate cut comes hot on the heels of several improvements to the Track Record Mortgage, including a new Shared Ownership version.

Jennifer Lloyd, head of mortgage products at Skipton, said: “We’re pleased to introduce these new 80% LTV products to our existing mortgage range. These products are designed to offer our customers even more choice and flexibility to suit their individual needs, whether they’re purchasing or remortgaging.”

She added: “Alongside these additions Track Record is also seeing a decrease which adds to the great enhancements announced last week to open the doors to even more trapped renters.”