Skipton launch higher fee, lower rate mortgages for top-value property

Skipton Building Society is today launching an innovative new suite of two-year fixed rate mortgages aimed specifically at people with higher value properties.

Related topics:  Mortgages
Amy Loddington
7th September 2012
Mortgages
- Two-year fixed rates starting from 2.99% to 60% LTV

- Minimum loan value £250,000

Higher upfront fees have enabled the Society to set the interest rates on these products very keenly – while still representing overall good value as a proportion of the loan amount.

2 Year Fixed Rate to 60% LTV

- Interest rate: 2.99%;

- Application fee: £195;

- Completion fee: £1,800.

2 Year Fixed Rate to 75% LTV

- Interest rate: 3.39%;

- Application fee: £195;

- Completion fee: £1,800.

Criteria applicable to both products:

- Minimum loan value: £250,000;

- Fixed until 30/09/14;

- Early Repayment Charge (ERC): 3% of capital repaid plus interest to the end of the month;

- Overpayments of up to 10% per annum allowed without penalty during product term;

- Revert to Bank Base Rate plus 4.45%, currently 4.95%;

- Free legals and valuations available for remortgages.

These new products are available through the Society's Skipton Direct customer service centre, branches and all intermediaries.

They complement the Society's attractive existing mortgage range, which includes two and three-year fixes at different LTVs; longer term fixes over seven and 10 years and a range of tracker and buy-to-let products.

Kris Brewster, Skipton's Head of Products, said:

"We constantly listen to customer feedback and have identified a niche for products catering for people purchasing properties over £250,000 in value, who often prefer to pay a bit more upfront in return for the benefit of a lower interest rate over the product term.

"For many, this balance can represent very compelling value and this is another example of how we are striving to find innovative solutions for people's unique needs in the contemporary marketplace."
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