Skipton pulls 3.99% seven-year fix

Skipton pulls 3.99% seven-year fix

Skipton Building Society

Skipton Building Society has withdrawn its seven-year fix after lending all of the allocated limited tranche within two weeks.

The existing seven-year fixed rate mortgage at 3.99% up to 75% LTV has been withdrawn and is being replaced with a new product at 4.29% on 20 July.

Early repayment charges are 5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month, while the deal comes with an application fee of £195 and a completion fee of £800.

Overpayments of up to 10% per annum are allowed without penalty and the deal comes with free legals and valuations for re-mortgages.

It is available via Skipton Direct customer service centre, branches and all intermediaries.

The other seven-year fix, at 4.89% to 85% LTV, which was launched at the same time, remains available, as do the Society’s 10-year fixes starting from 4.49% to 75% LTV.

“We launched our new longer term fixed rate mortgages because we identified that there was a need in the marketplace, among customers looking for longer term payment certainty,” said Kris Brewster, Skipton’s head of products. “And unusually low swap rates have enabled us to fulfil this need with some very competitively priced products.

“Unfortunately, we’ve been overwhelmed with demand for the seven-year fix to 75% LTV and – having explained from the outset that this was a limited edition offer – have had no choice but to withdraw it.

“However, we’re pleased to be returning to this space immediately with another, attractively priced product, which we hope will cushion the blow.”