This means borrowers could make initial monthly payments of £553 on a £100,000 repayment mortgage.
Jennifer Holloway, head of media relations at Skipton Building Society, commented: “We know from experience that, no matter what the Bank of England’s base rate is predicted to do, there are still many borrowers who value knowing exactly what their repayments will be above all else. With our range of two, three and five year fixed rates, we can offer them a range of deals to suit their needs.
For example, at 4.45 per cent, our two-year Fixed Rate Mortgage is attractively priced, as are the three-year and five-year options for borrowers who would like to freeze repayments for longer. We expect to see a lot of interest.”
Key features of the fixed rate deals are:
- 2 Year Fixed Rate Mortgage (direct through Skipton only - no intermediary sales) – fixed at 4.45 per cent to 30 April 2008
- 3 Year Fixed Rate Mortgage – fixed at 4.74 per cent to 30 April 2009
- 5 Year Fixed Rate Mortgage – fixed at 4.74 per cent to 30 April 2011
- Revert to the Society’s residential SVR – currently 5.89 per cent – after fixed rate period
- Available up to 95 per cent LTV with free MIG/Higher Lending Charge up to 90 per cent LTV
- Free legal fees (through Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases
- Free accident, sickness and unemployment (ASU) cover for six months
- Flexible benefits – daily interest, overpayments and payment holidays
- Capital repayments of up to 10 per cent of the original loan allowed without charge each year, within fixed rate period, then unlimited
Early repayment charges:
- 2 Year Fixed Rate Mortgage – 3 per cent to 30 April 2008
- 3 Year Fixed Rate Mortgage – 5 per cent to 30 April 2007, 4 per cent to 30 April 2008 and 3 per cent to 30 April 2009
- 5 Year Fixed Rate Mortgage – 5 per cent to 30 April 2007, 4 per cent to 30 April 2008 and 3 per cent to 30 April 2011
- 2 Year Fixed Rate Mortgage has no application fee and £449 completion fee (can be added to the loan)
- 3 Year Fixed Rate Mortgage and 5 Year Fixed Rate Mortgage have £100 application fee, payable upfront and non-refundable, plus £349 completion fee (can be added to the loan)
