Building society breaks 1.00% mortgage rate barrier for first time in 164 year history

For the first time in its 164-year history Skipton Building Society is cutting fixed interest rates for mortgages below the 1.00% barrier.

This month's launch of the society’s new residential core range included the addition of Skipton’s lowest ever 2 year fixed rate of 0.99% (£1,995 fee) for purchases and remortgages to 60% LTV.

The purchase and remortgage range also includes lower rates across Skipton’s 2 and 5 year residential fixed range by up to 0.29%.

Kris Brewster, Skipton’s Head of Products, said: “This is certainly an historic moment for Skipton Building Society, the first time we have offered fixed mortgages below 1%. By offering great value products, we are emphasising our commitment to help new and existing customers.

“Skipton continues to add value to its residential mortgage range with these new two and five year fixed term products.

“Skipton’s clear message continues to be that we want to offer new and existing customers the most competitive rates and the best levels of service to enable them to complete their purchase or remortgage in the quickest possible timescale.”

“This compliments our existing mortgage range, which aims to offer attractive deals to suit a range of circumstances.”

Free valuations are offered on all new 2 and 5 Year Fixed Rate purchase products while those wishing to remortgage are offered free valuations and standard legal fees.

Purchase products include Skipton’s lowest ever fixed rate, a 2 year fix at 0.99% to 60% LTV with £1,995 fee, and two best buy products, a 2 year fix at 1.53% to 70% LTV and 2 year fix at 1.70% to 85% LTV.

Other best buy purchase products include three 5 year fixes at 2.07%, 2.17% and 2.30%, all to 85% LTV, with varying fees.

For those wishing to remortgage, Skipton is again offering its lowest ever rate, 0.99% to 60% LTV with £1,995 fee, and two more best buy products – a fee free 2 year fix at 1.49% to 70% LTV and a fee free 5 year fix at 1.91% to 60% LTV.

Criteria applicable to all of the above products

Early repayment charges of 2/1% until 30/09/19 (two-year fixes), 5/5/4/3/2% until 30/09/22 (five-year fixes);Overpayments of up to 10% per annum allowed without penalty;Available for purchases and remortgages;Free standard legals and valuations for remortgages;Free valuations on all new 2 and 5 year purchase products.

These new products are available through the Society's Skipton Direct customer service centre, branches and all intermediaries.

Anyone wishing to find out more about our new mortgage range can visit the Society's website at www.skipton.co.uk/mortgages, call our direct customer service team on 0345 8501755 or visit any Skipton branch.