Colin Dale, head of lending at Skipton Building Society, commented: “With the Bank of England’s Base Rate steadily rising, the majority of borrowers are still looking to secure their monthly repayments by choosing a fixed rate mortgage. For example, for most first-time buyers it is already an uphill struggle to get onto the property ladder and so when they find a mortgage, they want the security of knowing their repayments will remain the same for the entire term. With Skipton’s variety of fixed rate products, they can decide exactly how long they want the term to be.”
Key features – fixed rate mortgage range
- Two-year fixed rate mortgage (direct only) – fixed at 5.34 per cent to 30 April 2009 for loans up to 95 per cent loan-to-value (LTV)
- Three-year fixed rate mortgage – fixed at 5.59 per cent to 30 April 2010 for loans up to 75 per cent LTV
- Three-year fixed rate mortgage – fixed at 5.69 per cent to 30 April 2010 for loans up to 95 per cent LTV
- Five-year fixed rate mortgage – fixed at 5.59 per cent to 30 April 2012 for loans up to 75 per cent LTV
- Five-year fixed rate mortgage – fixed at 5.69 per cent to 30 April 2012 for loans up to 95 per cent LTV
- Seven-year fixed rate mortgage – fixed at 5.34 per cent to 30 April 2014 for loans up to 75 per cent LTV
- Seven-year fixed rate mortgage – fixed at 5.44 per cent to 30 April 2014 for loans up to 95 per cent LTV
- Ten-year fixed rate mortgage – fixed at 5.39 per cent to 30 April 2017 for loans up to 75 per cent LTV
- Ten-year ixed rate mortgage – fixed at 5.49 per cent to 30 April 2017 for loans up to 95 per cent LTV
- Higher Lending Charge applicable for customers taking out loans between 90 per cent - 95 per cent LTV
- 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 fixed rate period
Early repayment charges:
- Two-year fixed rate mortgage – 3 per cent to 30 April 2009
- Three-year fixed rate mortgage – 5 per cent to 30 April 2008, 4 per cent to 30 April 2009 and 3 per cent to 30 April 2010
- Five-year fixed rate mortgage – 5 per cent to 30 April 2008, 4 per cent to 30 April 2009 and 3 per cent to 30 April 2012
- Seven-year fixed rate mortgage – 5 per cent to 30 April 2008, 4 per cent to 30 April 2009, 3 per cent to 30 April 2012 and 2 per cent to 30 April 2014
- Ten-year fixed rate mortgage – 5 per cent to 30 April 2009, 4 per cent to 30 April 2011, 3 per cent to 30 April 2013, 2 per cent to 30 April 2015 and 1 per cent to 30 April 2017
- £599 completion fee on all residential fixed rate products
- All completion fees can be added to the loan
