Skipton launches low fee mortgage
Other features of the new products include no completion fees and free valuation and legal fees for remortgage customers.
The products are available through all channels, except the 95% 2-year fixed rate which will only be available via the society’s national branch network and Skipton Direct telephone service operation.
The two-year fixes have rates of 3.69%, 4.19% and 6.49% on 60% LTV, 75% LTV and 95% LTV respectively. The application fee is £195 with no completion fee.
The three-year fixes have rates of 4.59% and 4.79% on 60% and 75% LTVs respectively. Again the application fee is £195.
The five-year fixed rate has an interest rate of 5.29% with 75% LTV. The application fee is again £195 with no completion fee.
Skipton’s head of products, Kris Brewster, said: “With this new product suite we’re continuing to do all we can to help borrowers achieve their homeownership aspirations despite challenging market conditions, by offering choice and good value – including higher LTV options – to suit a range of circumstances.
“Our new, limited edition 95% LTV product is expected to appeal particularly to borrowers looking to purchase their first home. However, we expect it will also be attractive to people wanting to remortgage, who have so far been restricted by the impact of housing market conditions on the equity in their homes.
“We’re offering a limited tranche to balance meeting borrowers’ needs with controlling risk to the business in the best interests of all our members.
“We hope that the lack of a completion fee on all of these new products will also make life that little bit easier for borrowers trying to pull together sufficient deposit to achieve their goals.”