Skipton Building Society has launched a range of new mortgages, including a two-year fixed rate deal requiring a deposit of just five per cent.
Other features of the new products include no completion fees and free valuation and legal fees for remortgage customers.
They will be available through all channels, except the 95 per cent two-year fixed rate which will only be available via the Society’s national branch network and Skipton Direct telephone service operation.
Key product features
2-year fixed rates
To 60 per cent LTV: interest rate 3.69 per cent;
To 75 per cent LTV: interest rate 4.19 per cent;
To 95 per cent LTV: interest rate 6.49 per cent;
Fixed until 30/04/13;
Application fee £195 – no completion fee;
Early Repayment Charge (ERC): 3 per cent of capital repaid, plus interest to the end of the month, until 30/04/13.
3-year fixed rates
To 60 per cent LTV: interest rate 4.59 per cent;
To 75 per cent LTV: interest rate 4.79 per cent;
Fixed until 31/5/14;
Application fee £195 – no completion fee;
ERC: 5,4,3 per cent of capital repaid, plus interest to the end of the month, until 31/5/14.
5-year fixed rate
To 75 per cent LTV: interest rate 5.29 per cent;
Fixed until 31/5/16;
Application fee £195 – no completion fee;
ERC: 5,4,3,2,1 per cent of capital repaid, plus interest to the end of the month, until 31/5/16.
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 per cent 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 re-mortgage, 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.”
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