The relaunched range from the lender includes three, five, seven and 10-year fixed rates. Skipton’s seven-year fixed rate is available at 5.34 per cent up to 75 per cent loan-to-value (LTV) with its three-year fixed rates starting at 5.59 per cent up to 75 per cent LTV.
As part of the range, the products include free legals and valuations on remortgages. None have application fees, although a completion fee of £599 exists on all residential fixed rates which can be added to the loan. Early repayment charges (ERCs) begin at 5 per cent in the first year. Higher lending charges are also applicable for customers taking out loans between 90 per cent and 95 per cent LTV.
Skipton has also announced a two-year fixed deal at 5.34 per cent direct-to-consumers, up to 95 per cent LTV, with ERCs of 3 per cent.
Colin Dale, head of lending at Skipton Building Society, commented: “With the Base Rate steadily rising, the majority of borrowers are still looking to secure their monthly repayments by choosing a fixed rate mortgage. For most first-time buyers it is already an uphill struggle to get onto the property ladder and so they want the security of knowing their repayments will remain the same for the entire term.”
Scott Richford, product marketing manager for Mortgage Talk, commented: “In terms of purchase, there are other better deals out there. However, the seven-year deal looks like a market leader for remortgaging at the moment, especially with free legals and valuations.”
