Skipton Building Society is tomorrow (9 July) cutting the interest rates on a number of its residential fixed, tracker and discounted rate mortgages.
Key product changes are as follows:
Two-year residential fixes
2 Year Fix to 60% LTV at 2.08% (was 2.28%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Fix to 70% LTV at 2.23% (was 2.38%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Fix to 75% LTV at 2.48% (was 2.68%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Fix to 75% LTV (no fee) at 2.88% (was 2.98%) – purchase and remortgage
- Application fee: £0, completion fee: £0;
2 Year Fix to 80% LTV at 2.88% (was 3.08%) – purchase and remortgage
- Application fee: £195, completion fee: £800.
Three-year residential fixes
3 Year Fix to 75% LTV at 2.68% (was 2.88%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
3 Year Fix to 75% LTV (no fee) at 2.98% (was 3.18%) – purchase and remortgage
- Application fee: £0, completion fee: £0;
3 Year Fix to 80% LTV at 3.28% (was 3.38%) – purchase and remortgage
- Application fee: £195, completion fee: £800.
Five-year residential fix
5 Year Fix to 85% LTV at 4.09% (was 3.98%) – purchase and remortgage
- Application fee: £195, completion fee: £800.
Trackers and discounts
2 Year Discount to 60% LTV at 1.98% (was 2.18%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Discount to 75% LTV at 2.28% (was 2.48%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Tracker to 75% LTV at 2.38% (was 2.58%) – purchase and remortgage
- Application fee: £195, completion fee: £800;
2 Year Discount to 75% LTV (no fee) at 2.68% – purchase and remortgage
- New product
- Application fee: £0, completion fee: £0;
2 Year Tracker to 80% LTV at 2.78% (was 2.98%) – purchase and remortgage
- Application fee: £195, completion fee: £800.
2 Year Tracker to 80% LTV (no fee) at 3.33% – purchase and remortgage
- New product
- Application fee: £0, completion fee: £0.
Criteria applicable to all of the above products:
- Fixed until 30 September 2015 (two-year fixes), 30 September 2016 (three-year fixes) and 30 September 2018 (five-year fixes). Discount and tracker terms = two years from completion;
- Early repayment charges: 3/2% of capital repaid and, after the product end date, interest to the end of the month (two-year fixes/trackers); 4/3/2% (three-year fixes); 5/5/4/3/3 (five-year fixes);
- Overpayments of up to 10% per annum allowed without charge;
- Free standard legals and valuations available on all remortgage products.
These new products are available through the Society’s Skipton Direct customer service centre, branches and all intermediaries.
In addition, the mutual will be withdrawing its 2 Year Fixed Rate to 60% LTV (high fee) and 3 Year Fixed Rate to 60% LTV due to the available tranches being exhausted.
All other products within its range remain unchanged.
Kris Brewster, Skipton’s head of products, said: “There’s been a lot of speculation about the future direction of interest rates this week, following comments by new Bank of England Governor Mark Carney. Some of this speculation centred around rising swap rates and the potential for a sooner-than-expected rise in the Bank of England Base Rate.
“However, in our experience, the interest rate trend for the time being remains very much downward. Therefore, we are delighted to be able to respond to that by making our range of fixed, tracker and discounted deals even more attractive for our customers as we continue lending strongly.”