Key Features – Flexible 3-Year Capped Rate Mortgage
- Capped rate of 5.99% until 31 March 2007
- Initial rate of 3.24% – 2.50% discount off the Society’s variable rate (currently 5.74%) until 30 September 2004, then reverts to the variable rate
- 0.75% discount after two years, through Skipton’s concessionary Mortgage Discount Scheme (current pay rate of 4.99%) [see Editor’s Notes]
- Available up to 95% LTV
- Free MIG up to 90% LTV
- Free legal fees for remortgages (£250 cashback in Scotland) through Skipton Home Conveyancing Scheme
- Free accident, sickness and unemployment (ASU) cover for six months
- Flexible benefits – daily interest, overpayments and payment holidays
- Up to 10% capital repayments allowed each year, without charge, until 31 March 2007
- £399 completion fee – can be added to the loan
- Early redemption fee of 3% until 31 March 2007
- Interested customers should call 08457 171 777 or call into their local Skipton branch
Jennifer Holloway, head of media relations, commented, "Recent industry figures have shown that the demand for fixed rate mortgages dropped significantly last month, suggesting that borrowers are looking for alternative products to best suit their situation; Skipton’s 3-Year Capped Rate Mortgage offers homeowners the peace of mind that, in an environment of a rising base rate, they can be sure their repayments will not exceed 5.99% and are combined with a very low initial pay rate."
