Skipton Building Society announces new two-year fixed rate mortgage

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Skipton Building Society announces new two-year fixed rate mortgage

Skipton Building Society will tomorrow (July 26th) launch a new two-year fixed rate mortgage product at 2.48 per cent with a loan-to-value rate of 60 per cent.

The announcement comes following a series of moves from other building societies and lenders last week on their mortgage rates, a sign of the ever increasing competition within the market.

Decreasing the rate represents the company's commitment to increasing the availability of loans, with Skipton describing its products as "market-leading", according to Kris Brewster, Skipton's head of products.

Mr Brewster added: "As a mutual, Skipton is committed to bringing competition and choice to the mortgage market."

Yorkshire Building Society declared on Friday (July 22nd) it had cut rates on its two-year mortgages to 2.59 per cent.

According to the Council for Mortgage Lenders, overall gross lending last month rose from May 2011 by 16 per cent. Although this was three per cent lower than June 2010, it was still a total of £12.6 million in the mortgage lending market.

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