The product is a 2-year base rate tracker at bank base + 0.75%, followed at the end of the 2 year period by Skipton's discretionary mortgage discount scheme which gives 0.75% off Skipton's standard variable rate applicable at that time.
Clients can borrow up to 95% of the cost of land, 95% of the cost of the build and 95% of the final value. Stage payments are released in advance during the build and the client can stay in their current house while building their new home. There is a completion fee of £250 which can be added to the loan and an arrangement fee of £295. On repayment in the first 3 years there is a 2% fee but up to 10% can be repaid each year with no fee.
