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First-time Buyers

Skipton introduces seven-year fixed rate range

paulajohn
Written By:
paulajohn
Posted:
Updated:
20/02/2015

Skipton Building Society has launched a seven-year fixed rate mortgage range which it claims as one of its kind in the market.

The range of fee-free seven-year fixed rate mortgages are available from 60% to 90% loan-to-value (LTV).

Kris Brewster, the society’s head of products, said:

“With the continuing uncertainty over Bank of England base rates we have taken the major step to offer our customers seven-year fixed rate products which will enable them to plan for the future knowing that their mortgage repayments will remain static for the longer term.”

The new range also includes new two-year fixed rate mortgages including a low rate, higher fee option and five-year fixed rate mortgages at 60% and 90% LTV.

Brewster said: “For those wishing to keep their monthly payments to a minimum we are also offering the option of a two-year fixed rate mortgage at just 2.35%, but with higher fees.

“We’re continuing to lend strongly, in line with our commitment to doing everything to help borrowers, and the ongoing popularity of our products is a reflection of that.”

Highlights from the seven-year residential fixed range are: – 3.99% at 60% LTV with no application or completion fee; – 5.39% at 90% LTV with no application or completion fee.

The products are available through the society’s Skipton Direct customer service centre, branches and all intermediaries.

The seven-year launch is the latest product change from the Skipton, which saw them withdraw all buy-to-let tracker deals due to a lack of demand.


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