Skipton Building Society is cutting rates across its residential range for existing and new customers and on its ‘track record’ mortgage.

The track record mortgage will be reduced by 0.17%, taking it to a rate of 5.35%, the lowest ever rate on this specific mortgage.

On the residential range, the largest cut is being applied to a two-year fixed 75% LTV, which is dropping from 4.99% to 4.72%.

Further cuts include a five-year fix at 95% LTV dropping from 5.11% to 4.96%, which has a fee of £1,295.

A second five year fix at 90% LTV drops from 4.99% to 4.84% with no product fee.

This is the latest round of cuts from the lender, which also made rate reduction last week. The new rates will be available as of 9am tomorrow, 18 January.

Skipton head of mortgage products and propositions Jennifer Lloyd says: “I’m delighted to announce that exactly a week after we reduced our rates we have today announced a further 63 reductions to our range.

“This includes both new and existing customer products as well as a further reduction to Track Record mortgage which sees it drop to its lowest ever rate.”