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Skipton cuts rates

Robyn Hall

August 29, 2012

The society’s 3-year fixed rate at 90% LTV is now 5.49%, down from 5.89%, while its buy-to-let 2-year fixed rate to 75% LTV has reduced from 4.79% to 4.49%.

A raft of other products have been launched to complement the society’s existing mortgage range, which includes 2 and 3-year fixes at different LTVs; longer term fixes over seven and 10 years and a range of tracker and buy-to-let products (see details below).

Kris Brewster, Skipton’s head of products, said: “Once again, we’ve listened to feedback from our customers, and have made further tweaks to our range which we hope will ensure it serves their needs even better.

“What we have now is a competitive range of options to suit differing circumstances, from people who prefer to pay no upfront fees and have a slightly higher rate to the opposite end of that spectrum – as well as higher LTVs to help first time buyers and people struggling because their equity has reduced as a result of the current housing market stasis.”

Key Product Details

Residential two-year fixes

2 Year Fixed Rate to 75% LTV (remortgage only)

• Interest rate: 3.68% (was 3.78%).

2 Year Fixed Rate to 85% LTV (remortgage only)

• Interest rate: 4.38% (was 4.48%).

Criteria applicable to both of the above two-year fixes

• Fixed until 30/09/14;

• Early Repayment Charge (ERC): 3% of capital repaid plus interest to the end of the month;

• Application Fee: £0, Completion Fee: £0.

Residential three-year fixes

3 Year Fixed Rate to 75% LTV (remortgage only)

• Interest rate: 3.85% (was 3.95%);

• Application Fee: £0, Completion Fee: £0.

3 Year Fixed Rate to 90% LTV

• Interest rate: 5.49% (was 5.89%);

• Application Fee: £195, Completion Fee: £800.

Criteria applicable to both of the above three-year fixes

• Fixed until 30/09/15;

• ERC: 3% of capital repaid plus interest to the end of the month.

Residential five-year fix

5 Year Fixed Rate to 90% LTV

• Interest rate: 5.59%;

• Application Fee: £195, Completion Fee: £800;

• ERC: 5/4/3/2/1% of capital repaid plus interest to the end of the month.

Buy-to-let two-year fixes

Buy-to-Let 2 Year Fixed Rate to 65% LTV (replaces previous product to 60% LTV)

• Interest rate: 3.69%;

• Application Fee: £245, Completion Fee: £2,250.

Buy-to-Let 2 Year Fixed Rate to 70% LTV

• Interest rate: 4.29% (was 4.49%);

• Application Fee: £245, Completion Fee: £750.

Buy-to-Let 2 Year Fixed Rate to 75% LTV

• Interest rate: 4.49% (was 4.79%);

• Application Fee: £245, Completion Fee: £1,250.

Criteria applicable to all of the above buy-to-let fixes

• Fixed until 30/09/14;

• Early Repayment Charge (ERC): 3% of capital repaid plus interest to the end of the month.

Criteria applying to all of the above mortgage products

• Revert to: Bank of England Base Rate (BBR) plus 4.45% (currently 4.95%);

• Overpayments of up to 10% per annum allowed without penalty;

• Free legals and valuations available for remortgages.


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