First-time Buyer
Skipton to offer new 7- and 10-year fixes from 3.99%
Skipton Building Society is launching a range of new 7- and 10- year fixed rate mortgage options, targeting customers looking to looking to borrow over a longer period.
The society said the new rates will allow borrowers to ‘insure’ themselves against any potential rate increases in future. The deals are available up to 85% loan-to-value (LTV) with rates starting at 3.99%.
The 7-year fixed rate option is available at 75% LTV at a rate of 3.99% and up to 85% LTV at 4.89%.
Two 10-year deals are also available, at a rate of 4.49% for mortgages up to 75% LTV and 4.99% for those up to 85% LTV.
All four products have an application fee of £195 and a completion fee of £800 and will revert to the Bank of England’s base rate plus 4.45% upon completion.
Kris Brewster, Skipton’s head of products, commented:
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“Market swap rates remain unusually low. Therefore, we’ve seized the opportunity to provide these really competitive longer term deals, for people whose priority is having certainty over their monthly mortgage payments for the longer term.
“These kinds of rates on long-term mortgage products would have been unheard of just a few years ago and therefore, we believe, they really do represent a golden window of opportunity for savvy borrowers.”