Skipton Building Society has unveiled new two, three and five-year mortgage products.
The new product range is fee-free, apart from the standard £25 cost of the CHAPS money transfer.
Key Product Details
Two-year fixed rate to 75% LTV
- Interest rate: 3.78% until 30/09/14;
- Early repayment charge: 3% of capital repaid plus interest to the end of the month.
Two-year fixed rate to 85% LTV
- Interest rate: 4.48% until 30/09/14;
- Early repayment charge: 3% of capital repaid plus interest to the end of the month.
Three-year fixed rate to 75% LTV
- Interest rate: 3.95% until 30/09/15;
- Early repayment charge: 3% of capital repaid plus interest to the end of the month.
Three-year fixed rate to 85% LTV
- Interest rate: 4.69% until 30/09/15;
- Early repayment charge: 3% of capital repaid plus interest to the end of the month.
Five-year fixed rate to 75% LTV
- Interest rate: 4.18% until 30/09/17;
- Early repayment charge: 5,4,3,2,1% of capital repaid plus interest to the end of the month.
Five-year fixed rate to 85% LTV
- Interest rate: 4.89% until 30/09/17;
- Early repayment charge: 5,4,3,2,1% of capital repaid plus interest to the end of the month.
Criteria applicable to all of the above products:
- Application fee: £0, completion fee: £0;
- 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.
These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
“We recognise that there are many people out there who would maybe like to re-mortgage but are struggling to find suitable deals,” said Kris Brewster, Skipton’s head of products.
“Customers tell us that one of their greatest barriers to re-mortgaging is the fees normally associated with moving from one product or provider to another. That’s why, while we’ve kept the interest rates on our re-mortgage range the same, we’ve taken away the application and completion fee, which normally total around £1,000.
“This, combined with the free valuation and legal work, makes these products better value overall than many others out there.”