The products include 3-year, 5-year and 10-year options, with rate starting from just 4.99%. The 10-Year Fixed Rate Mortgage has been improved and now offers a flat rate of 5.99% for 10 years.
Key Features – new fixed rate mortgage range
· The range includes:
3-Year Fixed Rate Mortgage – 4.99% fixed to 30 June 2007
5-Year Fixed Rate Mortgage – 5.19% fixed to 30 June 2009
10-Year Fixed Rate Mortgage – 5.99% fixed to 30 June 2014
· Revert to Society’s variable rate following fixed rate period, with 0.75% discount through Skipton’s concessionary Mortgage Discount Scheme (current pay rate of 5.34%) [
· Available up to 95% LTV with free MIG up to 90% LTV
· Free legal fees (£250 cashback in Scotland), through Skipton Home Conveyancing Service, and free valuation on all remortgage cases
· Free accident, sickness and unemployment (ASU) cover for six months
· Flexible benefits – daily interest, overpayments and payment holidays
· £100 application fee – payable up front
· £299 completion fee – can be added to the loan (£399 on 10-year product)
· Early redemption charges:
3-year: 5% to 30 June 2005, 4% to 30 June 2006 and 3% to 30 June 2007
5-year: 5% to 30 June 2005, 4% to 30 June 2006 and 3% to 30 June 2009
10-year: interest only to the end of the month of redemption
· Capital repayments of up to 10% of the original loan allowed each year, without charge, within fixed rate periods (unlimited with 10-Year Fixed Rate Mortgage)
Jennifer Holloway, head of media relations, commented, “CML figures show that fixed rate mortgages accounted for 36% of all new lending in 2003, the highest level since 1998. Skipton always likes to ensure its customers have the best choice so we are pleased to offer four fixed rate options, allowing customers to pick the deal which best suits their circumstances.”
