Skipton relaunches fixed rate mortgage range

Skipton Building Society has relaunched its range of 2 year, 3 year, 5 year, 7 year and 10 year fixed rate mortgages, with its popular 7 year option remaining a market leader.

On this product, borrowers could make initial monthly payments of only £592 on a £100,000 repayment mortgage.

Colin Dale, head of lending at Skipton Building Society, commented, “No matter what the Bank of England’s base rate is doing, the majority of borrowers are still looking to secure their rate by choosing a fixed rate mortgage. They are particularly popular with first time buyers or couples with young families who have to keep a tight rein on their finances. At 5.09%, our 2 Year Fixed Rate Mortgage is particularly attractively priced, as are the 7 year and the 10 year options for borrowers who would like to freeze repayments for much longer.”

Key features – Fixed Rate Mortgage Range

2 Year Fixed Rate Mortgage (direct only) – fixed at 5.09% to 31 January 2009 for loans up to 95% LTV

3 Year Fixed Rate Mortgage – fixed at 5.29% to 31 January 2010 for loans up to 75% LTV

3 Year Fixed Rate Mortgage – fixed at 5.39% to 31 January 2010 for loans up to 95% LTV

5 Year Fixed Rate Mortgage – fixed at 5.29% to 31 January 2012 for loans up to 75% LTV

5 Year Fixed Rate Mortgage – fixed at 5.39% to 31 January 2012 for loans up to 95% LTV

7 Year Fixed Rate Mortgage – fixed at 5.14% to 31 January 2014 for loans up to 75% LTV

7 Year Fixed Rate Mortgage – fixed at 5.24% to 31 January 2014 for loans up to 75% LTV

10 Year Fixed Rate Mortgage – fixed at 5.14% to 31 January 2017 for loans up to 75% LTV

10 Year Fixed Rate Mortgage – fixed at 5.24% to 31 January 2017 for loans up to 95% LTV

All revert to the Society’s residential SVR – currently 6.39% – after fixed rate period

Higher Lending Charge applicable for customers taking out loans between 90% - 95% LTV

Free legal fees (through Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases

Flexible benefits – daily interest, overpayments and payment holidays

Capital repayments of up to 10% of the original loan allowed each year, without charge, within fixed rate period

Early repayment charges:

2 Year Fixed Rate Mortgage – 3% to 31 January 2009

3 Year Fixed Rate Mortgage – 5% to 31 January 2008, 4% to 31 January 2009 and 3% to 31 January 2010

5 Year Fixed Rate Mortgage – 5% to 31 January 2008 4% to 31 January 2009 and 3% to 31 January 2012

7 Year Fixed Rate Mortgage – 5% to 31 January 2008, 4% to 31 January 2009, 3% to 31 January 2012 and 2% to 31 January 2014

10 Year Fixed Rate Mortgage – 5% to 31 January 2009, 4% to 31 January 2011, 3% to 31 January 2013, 2% to 31 January 2015 and 1% to 31 January 2017

No application fee on any product

£499 completion fee for the 2 year, 3 year, 5 year and 10 year fixed rate mortgages

There are two options for the 7 Year Fixed Rate Mortgage up to 75% LTV; the first option fixed at 5.14% with a completion fee of £799 and the second option fixed at 5.24% with a completion fee of £499

All completion fees can be added to the loan

The 2 year fixed rate mortgage is only available direct from Skipton so interested customers should call 08457 171777 or visit their local branch for further information.