Skipton Building Society has announced a major shake-up of its mortgage rates, with cuts of up to 0.37% across a range of products.

This means lower monthly repayments and potentially thousands of pounds saved over the lifetime of your mortgage.

Here’s a breakdown of the key changes:

• Fixed-rate deals slashed: Skipton has reduced rates on 24 of its residential mortgage products, including popular two and five-year fixed-rate deals.
• Big savings for first-time buyers: A new two-year fixed-rate mortgage at 95% loan-to-value (LTV) has been launched at a competitive 5.82%. This means you could secure a mortgage with just a 5% deposit. There’s also a five-year fix at 95% LTV at 5.28%. Both deals come with a tempting £500 cashback.
• Lower rates for those with smaller deposits: The biggest rate cut is on a two-year fixed-rate mortgage at 85% LTV, which has been slashed by 0.37% to 4.97%. This deal comes with a £1,495 fee.
• Cheaper options for larger deposits: A five-year fixed-rate mortgage at 95% LTV has been reduced to 5.19%.

These changes come hot on the heels of Skipton’s recent launch of a range of first-time buyer mortgages, which include cashback offers of up to £1,500 and a range of other perks.

With mortgage rates continuing to fluctuate, it’s more important than ever to shop around for the best deal. Speaking to a mortgage broker can help you compare deals from across the market and find the right mortgage for your circumstances.