Skipton Building Society has announced rate increases of up to 0.75% to its buy-to-let (BTL) product range from 31 August.

The society’s new five-year fixed rates UK BTL will be 3.99% for mortgage amounts over £500,000, 4.59% for mortgage amounts over £250,000 and 5.24% for mortgage amounts over £150,000. 

It will withdraw 70% loan-to-value (LTV) products across its BTL range.

In addition, the society says it will withdraw five-year products with a fee of £1,995 across the BTL range. 

Current equivalents will be withdrawn at 10pm 30 August and the new updated product guide will be available from 9am on 31 August.

Commenting on the BTL changes, Skipton International business development manager Roger Hughes says: “Owning a BTL property in the UK at present is a complex business, and we’re aware that many will be considering their options carefully.”

“Whilst the current rates are comparatively low when you look back over a 10-year period, the next Monetary Policy Council meeting on 12th September will be likely to lead to another rise in the Bank of England base rate.”

“This does not appear to be putting off international buyers if UK rental property, however, and our pipeline is currently bulging with applications from as far away as Hong Kong, Singapore and, of course, the EU.”