The Society’s new Options tracker mortgages offer borrowers the best of both worlds – the ability to reap the benefits of a low Bank base rate while it lasts, and then switch to the shelter of a Skipton fixed rate deal during the product term if they wish with no Early Repayment charges (ERCs).
The new products are available via the Society’s branches, direct customer service centre and intermediaries.
Product highlights
5 year base rate tracker – with fee
BBR +2.99 per cent, currently 3.49 per cent
Option to switch to fixed rate product from Skipton’s available range during product term with no ERCs (if a completion fee applies to the fixed rate product chosen, this will be payable);
Maximum LTV 80 per cent
Completion fee £995
Available for purchases and remortgages
Free standard legal and valuation fees for remortgages
Early Repayment Charge: 5/4/3/2/1 per cent over five year product term
Overpayments of up to 10 per cent per annum allowed
Reverting to BBR +4.45 per cent (currently 4.95 per cent) at the end of the product term
5 year base rate tracker – no fee
BBR + 3.19 per cent, currently 3.69 per cent
Option to switch to fixed rate product from Skipton’s available range during product term with no ERCs (if a completion fee applies to the fixed rate product chosen, this will be payable);
Maximum LTV 80 per cent
Completion fee £0
Available for purchases and remortgages
Free standard legal and valuation fees for remortgages
Early Repayment Charge: 5/4/3/2/1 per cent over five year product term
Overpayments of up to 10 per cent per annum allowed
Reverting to BBR +4.45 per cent (currently 4.95 per cent) at the end of the product term.
Senior product manager William Gill said: “We recognise the anxiety many borrowers feel amid continued market uncertainty and with the prospect that interest rates may start to rise from their current, historic lows before the end of the year.
“That’s why we’ve come up with this new solution to help cushion them against potentially increasing rates, while enabling them to benefit from the current, exceptionally low Bank base rate for as long as possible.”
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