Skipton Building Society has made changes to a number of its two, three and five-year fixed rate mortgages.
rates will be cut by up to 0.20 percentage points on Tuesday 14 August.
Key Product Details:
Two-year fixes:
- Two-year fixed rate to 60% LTV
Interest rate: 3.18% (was 3.38%); - Two-year fixed rate to 75% LTV – purchase only
Interest rate: 3.58% (was 3.78%); - Two-year fixed rate to 85% LTV – purchase only
Interest rate: 4.38% (was 4.48%); - Two-year fixed rate to 90% LTV
Interest rate: 5.48% (was 5.58%);
Criteria applicable to all of the above products:
- Fixed until 30 September 2014;
- Early Repayment Charge: 3% of capital repaid plus interest to the end of the month;
- Application fee: £195, completion fee: £800;
- Revert to: Bank of England Base rate (BBR) plus 4.45% (currently 4.95%);
- Overpayments of up to 10% per annum allowed without penalty;
- Free legals and valuations available for remortgages, where applicable.
Three-year fixes
- Three-year fixed rate to 75% LTV – purchase only
Interest rate: 3.75% (was 3.95%); - Three-year fixed rate to 80% LTV
Interest rate: 3.89% (was 3.99%); - Three-year fixed rate to 85% LTV – purchase only
Interest rate: 4.49% (was 4.69%);
Criteria applicable to all of the above products:
- Fixed until 30 September 2015;
- Early Repayment Charge: 3% of capital repaid plus interest to the end of the month;
- Application fee: £195, completion fee: £800;
- Revert to: BBR plus 4.45% (currently 4.95%);
- Overpayments of up to 10% per annum allowed without penalty;
- Free legals and valuations available for remortgages, where applicable.
Five-year fixes
- Five-year fixed rate to 75% LTV – purchase only
Interest rate: 3.98% (was 4.18%); - Five-year fixed rate to 85% LTV – purchase only
Interest rate: 4.69% (was 4.89%);
Criteria applicable to all of the above products:
- Fixed until 30 September 2017;
- Early Repayment Charge: 5,4,3,2,1% of capital repaid plus interest to the end of the month;
- 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 available for remortgages, where applicable.
These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
Please note that the remortgage versions of the products marked ‘purchase only’ above, which were launched in early July, remain available. Their rates remain unchanged as they offer the added incentive of being fee free.
The mutual is withdrawing its five-year fixed rate mortgage to 90% LTV, “due to lack of demand”. All other products remain unchanged.
“Just over a month ago, we launched a fee-free range of remortgage products, to sit alongside the purchase-only versions listed above. These have proved very popular,” said Kris Brewster, Skipton’s head of products.
“However, we spotted an opportunity to further improve our offering on the purchase-only products, by reducing their interest rates in reflection of the fact they do include up-front fees.
“This is another active demonstration of our ongoing commitment to continually reviewing our product offering against the marketplace, and making any changes necessary to ensure it remains good value for money.”
