Skipton launches new buy-to-let product

Skipton Building Society is launching a new mortgage for borrowers wanting to invest in the property market.

The residential buy-to-let mortgage has a discount of 1.30% in the first year, offering an initial rate of 4.4%, flexible features and no compulsory insurance.

There is a 0.5% discount off variable rate in year two, before reverting to variable rate in year three.

The mortgage is available up to 80% LTV, and offers daily interest alongside overpayment and payment holiday facilities.

Jennifer Holloway, head of corporate communications, says: “Stock market performance has led to people taking the safe option and putting their money into more traditional savings accounts. However, those wanting a slightly higher return, with a degree of increased risk, are still considering buy-to-let as a potentially profitable form of investment.

“This mortgage has been designed specifically to help those investing in property for the first time to ease onto the buy-to-let ladder, with an attractive discount in the first twelve months.”