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Skipton returns to buy-to-let lending

Skipton Building Society has returned to the buy-to-let market after temporarily pulling out of the sector in 2009.

It is offering a two-year fixed rate deal of 4.49 per cent at up to 60 per cent loan-to-value, and a three-year fixed rate of 5.49 per cent, again at up to 60 per cent LTV.

The application fee is £245, with a completion fee of £1,250 which can be payable on completion or added to the loan.

The products also offer free standard valuation and legal fees for remortgages.

The rates are available from today through Skipton’s direct telephone service centre and through selected intermediaries.

Skipton is also launching an exclusive two-year fixed buy-to-let deal at 4.44 per cent through the Connells Group.

Skipton head of products Kris Brewster says: “Thanks to our prudent approach to lending, buy-to-let has always been a valuable and high-performing part of our mortgage portfolio. However, we decided to temporarily cease offering buy-to-let loans in 2009, as a cautious step to protect the business from the uncertainties facing the markets and economy at that time.

“However, with evidence that the housing market is beginning to stabilise, albeit with the potential for further limited house price falls later this year, we believe it’s now appropriate to make a controlled, low risk return to this space.”

Skipton’s return to the buy-to-let sector comes as Metro Bank plans its buy-to-let launch later this year.

Santander and Yorkshire Building Society are also planning to offer buy-to-let products.

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