Skipton Building Society extended the options available on its 5-year Capped Rate Mortgage this...
Skipton Building Society extended the options available on its 5-year Capped Rate Mortgage this week.
The maximum loan to value (LTV) has been bumped up to 95% and the rate is capped at 6.65% until 31 January 2007. There are discounts off the current variable of 6.2% in the first two years, either 0.6% with insurance, to give a current pay rate of 5.6%, or a 0.45% discount without insurance to give a current pay rate of 5.75%.
Up to 10% capital repayments are allowed each year without charge within the redemption period. There is an early redemption fee of 5% in year one, which drops 1% each year through to a 1% fee in year five.
There is a £295 completion fee and free MIG up to 90% LTV.
Mark Smitheringale, head of corporate communications, commented: "There is no doubt that homeowners are currently looking to take advantage of the lowest mortgage rates in the UK for almost 40 years, whilst providing as much protection, and for as long as possible, against future rate rises. Skipton's five year capped rate loan affords such security whilst allowing borrowers to keep their costs to a minimum, thanks to the initial two year discount and the long term benefits of Skipton's Mortgage Discount Scheme."
Further information can be found on 0800 446776
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation