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Skipton set to reduce rates next week

The Skipton Building Society has announced that from next Monday there will be a number of reductions in their mortgage rates as they look to breathe life back into the market. However, it is interesting to note that yet again only the rock bottom rates are available to first time buyers in a position to cover a deposit of 25% or above.

On a more positive note the two year fixed rate for buyers looking for a 90% mortgage will be set at 5.89% which does not sound too bad but there will also be a £990 set up charge to take into account (remember if you add the set up fee to the mortgage you will be paying interest on that for the life of the mortgage).

In a strange quirk of fate it seems that remortgage customers are actually getting the same 5.89% although they are expected to be able to cover 50% of the value of their property. For those struggling to cover that the rate is 6.19% for a 75% loan to home value (LTV) which seems a little steep compared to the first time buyers market.

The standard fixed rates for between three and ten years vary from 5.69% up to 5.85% depending on the amount you wish to borrow although the rate does rise for those only able put down a deposit of 10%, coming in at 6.24% to 6.44%.

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