Skipton International, the bank specialising in UK buy-to-let mortgages for expats and non-UK residents, has announced a series of rate reductions effective from 8th August.
In addition, Skipton Internation confirmed the addition of a new 3-year fixed-rate buy-to-let product to its range.
The rate reductions include a 0.30% cut on both the 5-year fixed rate and 2-year retention rate, and a substantial 0.40% reduction on the 5-year retention rate.
Skipton International’s new 3-year fixed option will see applications assessed at the current stress rate.
Late last month the lender made changes to its buy-to-let criteria, following feedback from brokers and a reassessment of the marketplace.
They also reduced interest rates, removing the lowest banding, which was also the highest rate. The new bandings are from £100,000 up to £399,999 and £400,000 and above, effectively reducing the top banding from £500,000 to £400,000.Â
