The existing 7-year fixed rate mortgage at 3.99% up to 75% LTV is being withdrawn with effect from close of business today and will be replaced first thing tomorrow with a new product at 4.29%.
This new product is available through all intermediaries and the society’s Skipton Direct customer service centre as well as branches.
The other 7-year fixed rate, at 4.89% to 85% LTV, which was launched at the same time, remains available, as do the society’s 10-year fixes starting from 4.49% to 75% LTV.
Skipton’s head of products, Kris Brewster, said: “We launched our new longer term fixed rate mortgages because we identified that there was a need in the marketplace, among customers looking for longer term payment certainty. And unusually low swap rates have enabled us to fulfil this need with some very competitively priced products.
“Unfortunately, we’ve been overwhelmed with demand for the seven-year fix to 75% LTV and – having explained from the outset that this was a limited edition offer – have had no choice but to withdraw it.
“However, we’re pleased to be returning to this space immediately with another, attractively priced product, which we hope will cushion the blow.”
Key product details
7-year fixed rate to 75% LTV
• Interest rate: 4.29% until 30/09/19;
• Early repayment charge: 5/5/5/4/3/3/2% of capital repaid plus interest to the end of the month;
• Application fee: £195, completion fee: £800;
• Revert to: Bank Base Rate plus 4.45% (currently 4.95%);
• Overpayments of up to 10% per annum allowed without penalty;
• Free legals and valuations for re-mortgages.
