However, this is not actually a true reflection of what borrowers are paying as the society also has a concessionary mortgage discount scheme, which offers a further reduction of 0.75% to borrowers on an administered variable rate, who have held a Skipton mortgage on their main residence for two years or more.
What this means is that, in essence, the majority of Skipton’s borrowers are not paying the full variable rate of 5.49%, but instead, with the discount, are paying 4.74%.
