Skipton Building Society has become the latest lender to offer sub-5% home loans, as it unveils a range of rate reductions.  

The mutual’s broker-only arm has launched a five-year 60% loan-to-value deal for purchase and remortgage at 4.99%, with free legals for remortgages.  

It has also cut its track record mortgage by 25 basis points to 5.91%.  

Other highlights among the lender’s changes include:  

• Rate cuts across its residential and new build ranges  
• Reductions across its buy-to-let products.  
• Rate cuts across its government scheme product ranges  
• Withdrawal of select residential and BTL existing customer products.  
• 95% LTV residential products now available for rate switches for existing customers  

The business adds that equivalent products were withdrawn at 10pm yesterday (3 October).  

John Charcol mortgage technical manager Nicholas Mendes adds: “Skipton Building Society are the latest lender to break the 5% barrier with a 4.99% five-year fix on their remortgage range, though there is a sizable £2,995 completion fee to take into consideration. 

“Also a noticeable reduction to their track records mortgage from 6.19% to 5.91%.” 

Skipton Building Society is among a range of lenders that have offered sub-5% deals over the last two weeks, which includes  Santander, Yorkshire Building Society and West One Loans.

The cuts come after the Bank of England Monetary Policy Committee held the base rate at 5.25% last month, in a narrow 5-to-4 vote, following its previous rise on 3 August.