Skipton joins Leeds in boosting buy-to-let proc fees

Skipton Building Society will pay brokers an increased procuration fee for buy-to-let deals from 17 September.

The lender is raising buy-to-let proc fees from 0.35 per cent to 0.5 per cent for all new cases received from Wednesday. The announcement comes on the same day Leeds Building Society has announced it had increased buy-to-let and holiday let procuration fees from 0.37 per cent to 0.5 per cent.

Currently most lenders pay a fee between 0.4 per cent and 0.6 per cent for buy-to-let deals, although there are many that still pay below this.

Skipton has also announced a new range of buy-to-let products between 60 and 75 per cent LTV, including a range of seven-year fixed rates starting from 4.6 per cent.

The new product range offers free legal services and standard valuations for remortgage customers.

Skipton BS head of intermediary sales Paul Darwin says: “This new range of buy-to-lets is breaking new ground and certainly offers something for everyone.

“We’re also pleased to announce an increase in buy-to-let proc fees for brokers. In doing so we’re able to share the benefit of having longer-term relationships with customers, thanks to this new range. We continually review our position against competitors and we have seen encouraging growth in the buy-to-let arena.”

See Skipton’s new buy-to-let range below:

New Buy-to-Let Product Range
Rate  LTV App Fee Comp Fee Description Available for 
2.99% 60% £245 £750 2-year fix Purchase and Remortgage
3.35% 70% £245 £750 2-year fix Purchase and Remortgage
3.55% 75% £245 £750 2-year fix Purchase and Remortgage
3.3% 75% £245 £1,750 2-year fix Purchase and Remortgage
3.49% 60% £245 £750 3-year fix Purchase and Remortgage
3.69% 70% £245 £750 3-year fix Purchase and Remortgage
4.05% 75% £245 £750 3-year fix Purchase and Remortgage
3.8% 75% £245 £1,750 3-year fix Purchase and Remortgage
3.99% 60% £245 £750 5-year fix Purchase and Remortgage
4.29% 70% £245 £750 5-year fix Purchase and Remortgage
4.54% 75% £245 £750 5-year fix Purchase and Remortgage
4.3% 75% £245 £1,750 5-year fix Purchase and Remortgage
4.6% 60% £245 £750 7-year fix Purchase and Remortgage
4.96% 70% £245 £750 7-year fix Purchase and Remortgage
5.24% 75% £245 £750 7-year fix Purchase and Remortgage
5% 75% £245 £1,750 7-year fix Purchase and Remortgage