Key Features – Flexible 5-Year Stepped Fixed Rate Mortgage
- 4.49% fixed until 31 March 2005, then:
4.99% fixed until 31 March 2006, then:
5.89% fixed until 31 March 2009, then:
- Reverts to Society’s variable rate, with 0.75% discount through Skipton’s concessionary Mortgage Discount Scheme (current pay rate of 4.99%) [see Editor’s Notes]
- Available up to 95% LTV with free MIG up to 90% LTV (maximum loan £150,000)
- Free legal fees for remortgages (£250 cashback in Scotland) through Skipton Home Conveyancing Service
- Flexible benefits – daily interest, overpayments and payment holidays
- £399 completion fee – can be added to the loan
- Early redemption fee of 5% to 31 March 2009
- Up to 10% capital repayments allowed each year, without charge, during fixed rate period
- Interested borrowers should call 08457 171777 or visit their local branch for further information
Jennifer Holloway, head of media relations, commented, “For borrowers who think future Bank of England rate changes will be upwards and want to fix their mortgage payments, but who would benefit from reduced outgoings upfront, Skipton’s new 5-Year Stepped Fixed Rate could be the answer. With a starting rate of 4.49% in year one, stepping to 4.99% for year two and then 5.89% for the remainder of the term, this product offers benefits not normally associated with fixed rate loans.”
