Skipton Building Society is cutting rates on selected residential deals by up to 20 bps tomorrow.

It comes after the lender launched a new first-time buyer range on Monday including a savings product.

The rate reductions from tomorrow include:

• The biggest rate cut will be to its two-year base rate tracker at 75% LTV with a £995 fee, which will fall by 20bps from 5.85% to 5.65%
• The lender says its most competitive deal will be on its two-year fixed rate at 60% LTV with a £495 fee, which will be down by 12bps from 4.87% to now 4.75%.

The following products will also be reduced:

• Two-year fixed rate at 60% LTV with no fee down to 4.88%
• Two-year fixed rate 75% LTV with no fee down to 4.96%
• Two-year fixed rate 75% LTV with £495 down to 4.85%
• Two-year fixed rate 75% LTV with £995 down to 4.8%
• Two-year base rate tracker at 60% LTV with £995 fee down to 5.58%

Skipton chief executive of home financing Charlotte Harrison says: 

“We know it’s all very well highlighting key housing issues, but this doesn’t help anyone if you don’t spend time exploring and investing in the solutions. 

“Which is why, I’m pleased to announce that as well as launching a brand-new first-time buyer range this week, we are also making cuts to a variety of mortgage rates too. 

“In doing so we’re helping to take another step forward in supporting home affordability.”