The society has reduced rates by between 0.10% and 0.40%, as well as introducing a special new 50% LTV product, to enable borrowers with significant equity to benefit from an even better deal. For others who would like to take a punt on interest rates remaining lower for longer, there are also two new base rate trackers to choose from.
Key new product features
2-year fixed rates
· To 50% LTV: interest rate 2.94% (new product);
· To 60% LTV: interest rate 2.99% (was 3.29%)
· To 65% LTV: interest rate 3.19% (was 3.39%)
· To 70% LTV: interest rate 3.24% (was 3.42%)
· To 75% LTV: interest rate 3.29% (was 3.49%)
· To 80% LTV: interest rate 3.98% (was 4.09%)
· To 85% LTV: interest rate 4.39% (was 4.59%)
· To 90% LTV: interest rate 5.39% (was 5.49%)
· Fixed until 30/11/13;
· Application fee £195 – completion fee £800;
· ERC: 3% of capital repaid, plus interest to the end of the month, until 30/11/13.
2-year fixed rates – low fee options
· To 60% LTV: interest rate 3.09% (was 3.49%)
· To 75% LTV: interest rate 3.44% (was 3.69%)
· To 80% LTV: interest rate 4.08% (was 4.29%)
· To 85% LTV: interest rate 4.59% (was 4.79%)
· To 90% LTV: interest rate 5.59% (was 5.69%)
· Fixed until 30/11/13;
· Application fee £195 – no completion fee;
· Early Repayment Charge (ERC): 3% of capital repaid, plus interest to the end of the month, until 30/11/13.
2-year base rate trackers
· To 65% LTV: Bank Base Rate plus 1.88% (currently 2.38% – new product)
· To 70% LTV: Bank Base Rate plus 1.98% (currently 2.48% – new product)
· For two years;
· Application fee £195 – completion fee £800;
· Early Repayment Charge (ERC): 3% of capital repaid, plus interest to the end of the month, for two years.
3-year fixed rates
· To 75% LTV: interest rate 3.89% (was 4.09%);
· To 80% LTV: interest rate 4.69% (was 4.89%)
· To 85% LTV: interest rate 4.99% (was 5.29%)
· To 90% LTV: interest rate 5.59% (unchanged);
· Fixed until 30/11/14;
· Application fee £195 – completion fee £800;
· ERC: 5, 4, 3% of capital repaid, plus interest to the end of the month, until 30/11/14.
3-year fixed rates – low fee options
· To 75% LTV: interest rate 3.99% (was 4.29%);
· To 90% LTV: interest rate 5.79% (unchanged).
· Fixed until 30/11/14;
· Application fee £195 – no completion fee;
· Early Repayment Charge (ERC): 5, 4, 3% of capital repaid, plus interest to the end of the month, until 30/11/14.
5-year fixed rates
· To 75% LTV: interest rate 4.39% (was 4.59%)
· To 80% LTV: interest rate 4.99% (was 5.19%)
· To 85% LTV: interest rate 5.29% (unchanged);
· To 90% LTV: interest rate 5.89% (unchanged)
· Fixed until 30/11/16;
· Application fee £195 – completion fee £800;
· ERC: 5, 4, 3, 2, 1% of capital repaid, plus interest to the end of the month, until 30/11/16.
5-year fixed rate – low fee option
· To 90% LTV: interest rate 6.09% (unchanged);
· Fixed until 30/11/16;
· Application fee £195 – no completion fee;
· ERC: 5, 4, 3, 2, 1% of capital repaid, plus interest to the end of the month, until 30/11/16.
All of the above products are available via intermediaries.
Skipton’s head of products, Kris Brewster, said: “We keep a constant eye on market developments and customer feedback to ensure our product range keeps pace with market trends and their evolving needs, and these latest changes and additions to our mortgage product range are a direct result of this commitment.
“We believe the new range includes competitive options for a variety of circumstances – as well as innovations such as a special deal for sub-50% LTV borrowers.
“We’re continuing to provide borrowers with value, flexibility and choice, with competitive mortgages designed to help them achieve their homeownership aspirations despite continued economic and market challenges.”
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