Long-term Skipton mortgages 'relaunched'

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Long-term Skipton mortgages 'relaunched'

Fri 11th May 2007

Skipton Building Society yesterday relaunched its range of longer term fixed-rate mortgages.

The group's seven-year fixed-rate mortgages start from a rate of 5.49 per cent, with rates dependent upon the loan-to-value (LTV) ratio and completion fees.

A number of ten-year fixed-rate Skipton mortgages are also available, with rates also starting at 5.49 per cent.

Higher rates in the Skipton mortgage range will also be dependent upon various criteria.

Following the fixed-rate periods on all Skipton mortgage packages, all mortgages will revert to the building's standard variable rate, which currently stands at 6.64 per cent.

Skipton mortgages are highly flexible, with payment holidays and overpayments, as well as daily interest facilities also being available.

Colin Dale, head of lending at the building society, said: "In today's climate of rising interest rates, for many borrowers it's all about knowing exactly how much their monthly repayments are going to be, so fixes and capped-rate products are the order of the day."

He said that by buying into longer term mortgages, "homeowners can take a break from watching rates and relax knowing, whatever happens, they needn't think about their loan for a good while yet".

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