Skipton play to buy-to-let market
23 February 2004
In response to figures showing increased demand for buy-to-let mortgages, Skipton Building Society has launched a special rate.
Recent figures from the Council of Mortgage Lenders show buy-to-let lending jumped in the second half of last year, with December's figures up 48 per cent year-on-year. Skipton has responded today by launching a mortgage for property investors, with an initial interest rate of 4.75 per cent.
Jennifer Holloway, head of media relations, said: “Despite media warnings to the contrary, buy-to-let activity continues to increase and, with arrears levels only half that of the mainstream home-owner market, there is no reason why this growth will not continue.
“Our new buy-to-let mortgage has discounts in the first three years and an attractive starting rate, to soften the burden of initial costs, and is ideal for budding property landlords.”
The building society is also offering free legal fees for remortgages, as well as other benefits including up to ten per cent capital repayments allowed each year, without charge, for three years
The minimum loan for this deal is £25,000; the most you can borrow is £1,000,000.