There are two options for this mortgage so that customers can choose which is best suited to them; the first offers a rate of 4.99 per cent with a completion fee of £799 and the second offers a rate of 5.14 per cent and a completion fee of £499. Both options have no application fee and are available for loans up to 75 per cent loan-to-value (LTV).
John Goodfellow, chief executive of Skipton Building Society, commented: “Recent reports from the media have shown that the industry has seen a huge surge in demand for longer term fixed rate loans. The cracking rate on our seven-year fixed rate mortgage means it is ideal for customers looking for not only an extremely competitive product, but also the security of knowing that their rate is fixed for the next seven years.”
Key features – Seven-year fixed rate mortgage
- Seven-year fixed rate mortgage – the first option fixed at 4.99 per cent with a completion fee of £799 and the second option fixed at 5.14 per cent with a completion fee of £499, both options are for loans up to 75 per cent LTV until 31 January 2014
- Early repayment charge of 5 per cent to 31 January 2008, 4 per cent to 31 January 2009, 3 per cent to 31 January 2012 and 2 per cent to 31 January 2014
- Reverts to the Society’s residential standard variable rate (SVR) – currently 6.14 per cent – after fixed rate period
- Free MIG/Higher Lending Charge
- Free legal fees (through Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases
- Flexible benefits – daily interest, overpayments and payment holidays
- Capital repayments of up to 10 per cent of the original loan allowed each year, without charge, within early repayment charge period
- No application fee
- Completion fees can be added to the loan
