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Product matters: Home in on the range

Although this year has started strongly for the mortgage market, there has not been much in the way of new deals.

One lender that has been improving its range is Skipton, which is offering new fixed rates.

For residential borrow-ers, Skipton’s three and five- year fixed rates have been cut from 4.85 per cent to 4.74 per cent. The deals carry an arrangement fee of 449 and are available up to 95 per cent, although a higher lending charge applies above 90 per cent. There are early repayment charges for the fixed period, during which overpay-ments of 10 per cent can be made each year without penalty. The deals then revert to Skipton’s reason-able SVR of 5.89 per cent.

These new rates are not in best-buy territory but they are not far off, particularly for remortgages as they both offer a free valuation and free legal work.

The new buy-to-let rates are also worth a look, with three and five-year deals fixed at 5.15 per cent. The arrangement fee has increased by 100 to 699 but many borrowers may still prefer to pay this rather than a fee based on the percentage of the loan. As with the residential rates, both deals look most competitive for borrowers looking to switch thanks to the remortgage incentives.

These are decent rates, largely thanks to the remortgage incentives but the real pick of Skipton’s bunch, a two-year fix at 4.45 per cent (which comes with the remortgage freebies) is unfortunately not available to intermediaries.

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