Skipton Building Society has launching a new range of two-year fixed rate mortgages for people with higher value properties.
The mutual says the deals have higher upfront fees in order to be able offer interest rates which are priced, it claims, “very keenly” .
These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
Product details:
Two-year fixed rate to 60% LTV
- Interest rate: 2.99%;
- Application fee: £195;
- Completion fee: £1,800.
Two-year fixed rate to 75% LTV
- Interest rate: 3.39%;
- Application fee: £195;
- Completion fee: £1,800.
Two-year fixed rate to 85% LTV
- Interest rate: 4.09%;
- Application fee: £195;
- Completion fee: £2,300.
Criteria applicable to both of the above two-year fixes:
- Minimum loan value: £250,000;
- Fixed until 30/09/14;
- Early Repayment Charge (ERC): 3% of capital repaid plus interest to the end of the month;
- Overpayments of up to 10% per annum allowed without penalty during product term;
- Revert to Bank Base Rate plus 4.45%, currently 4.95%;
- Free legals and valuations available on remortgages.
“We constantly listen to customer feedback and have identified a niche for products catering for people purchasing properties over £250,000 in value, who often prefer to pay a bit more upfront in return for the benefit of a lower interest rate over the product term,” said Kris Brewster, Skipton’s head of products.
“For many, this balance can represent very compelling value and this is another example of how we are striving to find innovative solutions for people’s unique needs in the contemporary marketplace.”