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Skipton BS bucks the trend and announces rate reductions plus the return of high LTV remortgage deals

Journalist: Justin Moy, Contributing Editor

ended 30. April 2024

Skipton BS has bucked the recent trend of rate increases by announcing rate reductions (from Wednesday, 1 May) on a number of its fixed and tracker rate products, along with the re-introduction of higher loan-to-value remortgage options.

Newspage asked mortgage brokers for their views on these rate reductions reductions and why Skipton BS is reducing rates whilst others are hiking their rates.

 

6 responses from the Newspage community

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Editor
Michelle LawsonVerified
Director at Lawson Financial
This is great news for borrowers, but inconsistency remains the prevailing theme in the mortgage market. While some rates are decreasing, others are on the rise. These small victories, however, are steps in the right direction, and we'll gladly accept them. It takes a catalyst to ignite change, and perhaps Skipton is leading the charge.
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Dariusz KarpowiczVerified
Director at Albion Financial Advice
Skipton BS's decision to reduce rates on some fixed and tracker products is a refreshing departure from the recent trend of rate hikes. The re-introduction of higher loan-to-value options for remortgages is also a positive step. This bold move by Skipton sets them apart in the current climate, and provides a glimmer of hope in a tightening market. But only time will tell if this prompts a broader shift across the industry.
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Ben PerksVerified
Managing Director at Orchard Financial Advisers
April has been a month to forget in terms of interest rates. All of 2024s early optimism was well and truly sucked out of the market place.
But Skipton are swooping in and saving the day by announcing reductions. They’ve bucked the recent trend of rate rises which is quite an aggressive play and shows a willingness to lend.
Hopefully this is just the start and May will be much brighter.


April has been a forgettable month for interest rates, draining away all the early optimism of 2024 from the marketplace. However, Skipton is injecting some much-needed positivity by announcing rate reductions. They’ve bucked the recent trend of rate rises which is quite an aggressive play and shows a willingness to lend. Hopefully there are brighter days ahead, with May promising a turnaround in fortunes for the mortgage market.
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Charles Breen0
Founder at C B
Skipton steps forward, significantly shrinking rates, this is good news to borrowers and flies in the face of rate rises carried out by Nationwide and NatWest earlier in the week, is this a brave move or just a lender being pragmatic and calling other lenders out for their shortsightedness?
The sooner more lenders follow suit and help borrowers out the better!
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Gary Bush0
Financial Adviser at MortgageShop.com
Finally, a High Street lender does what is required of them in reducing its mortgage rates to assist the country's homeowners. Great initiative from Skipton Building Society again - let's hope the others see sense now.
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Ying TanVerified
CEO at Habito
Refereshing to see Skitpon going against the grain, and reducing their rates when others have been heading in the opposite direction, although direction of movement is all relative. The big win though is the return of higher Loan to Value products which will be warmly welcomed, when consumers are struggling to save for a deposit.