Both the new 3-year and 5-year fixed rate mortgages are now priced at 5.09%, meaning borrowers could make initial monthly payments of only £590 on a £100,000 repayment mortgage.
Jennifer Holloway, head of media relations at Skipton Building Society, commented, “No matter what the Bank of England’s base rate is doing, there will always be borrowers who need a fixed rate mortgage – such as first time buyers or couples with young families who have to keep a tight rein on their finances. At 5.09%, our new fixed rate mortgages are attractively priced, with the added choice of either a 3-year or 5-year tie-in.”
Key features – New 3-year and 5-year fixed rate mortgages
- † † † Fixed at 5.09% to 30 April 2008 or 30 April 2010
- † † † Revert to the Society’s residential SVR – currently 6.09% – after fixed rate period
- † † † Available up to 95% LTV with free MIG/Higher Lending Charge up to 90% LTV
- † † † Free legal fees (through Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases
- † † † Free accident, sickness and unemployment (ASU) cover for six months
- † † † 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
- † † † £100 application fee – payable upfront and non-refundable
- † † † £299 completion fee – can be added to the loan
- † † † 3-Year Fixed Rate Mortgage – early repayment charge of 5% to 30 April 2006, 4% to 30 April 2007 and 3% to 30 April 2008
- † † † 5-Year Fixed Rate Mortgage – early repayment charge of 5% to 30 April 2006, 4% to 30 April 2007 and 3% to 30 April 2010
