Skipton seven-year fixed-rate mortgage launched

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Skipton seven-year fixed-rate mortgage launched

The Skipton seven-year fixed-rate mortgage is the latest tranche to be added to the building society's fixed-rate product range.

Customers will benefit from the choice between an interest rate of 4.99 per cent fixed for seven years with a £799 completion fee or a rate of 5.14 per cent that comes with a £499 completion fee.

The Skipton seven-year fixed-rate mortgage also offers free legal fees and free valuations on residential remortgage cases as well as a free higher lending and mortgage indemnity guarantee charge.

Chief executive of Skipton Building Society John Goodfellow stated: "Recent reports from the media have shown that the industry has seen a huge surge in demand for longer term fixed rate loans.

"The cracking rate on our new seven-year fixed-rate mortgage means it is ideal for customers looking for not only an extremely competitive product, but also the security of knowing that their rate is fixed for the next seven years."

Following the seven-year fixed-rate period, the mortgage will revert to an interest rate of 6.14 per cent, the building society's residential SVR.

The Skipton building society is the seventh largest in the UK with assets of around £9.9 billion. It currently has 79 branches across the UK.

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