The Skipton unveils new longer-term fixes

The Skipton unveils new longer-term fixes

Skipton Building Society

On 6 July the Skipton Building Society is launching four new longer term fixed rate mortgage products.

Available up to 85% LTV, the deals are for seven or 10-years.

Main product details:

Seven-year fixed rate to 75% LTV

  • Interest rate: 3.99% until 30/09/19;
  • Early repayment charge: 5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month.

Seven-year fixed rate to 85% LTV

  • Interest rate: 4.89% until 30/09/19;
  • Early repayment charge: 5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month.

10-year fixed rate to 75% LTV

  • Interest rate: 4.49% until 30/09/22;
  • Early repayment charge: 6/6/5/5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month.

10-year fixed rate to 85% LTV

  • Interest rate: 4.99% until 30/09/22;
  • Early repayment charge: 6/6/5/5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month.

Criteria applicable to all of the above products:

  • Application fee: £195, completion fee: £800;
  • Revert to: Bank Base Rate plus 4.45% (currently 4.95%);
  • Overpayments of up to 10% per annum allowed without penalty;
  • Free legals and valuations for re-mortgages.

These new products are available through all intermediaries, the Society’s Skipton Direct customer service centre and branches.

“Market swap rates remain unusually low,” said Kris Brewster, Skipton’s head of products. “Therefore, we’ve seized the opportunity to provide these really competitive longer term deals, for people whose priority is having certainty over their monthly mortgage payments for the longer term.

“These kinds of rates on long term mortgage products would have been unheard of just a few years ago and therefore, we believe, they really do represent a golden window of opportunity for savvy borrowers.”