Skipton launches mortgage steps
Monday, 18 Aug 2008 11:11
Skipton Building Society today launched two five-year fixed-rate mortgages offering interest rates stepping up and down.
The 'Stepping Up' mortgage starts at 5.39 per cent in the first, before rising 0.40 per cent each year to 6.99 per cent in the fifth year.
The 'Stepping Down' mortgage meanwhile sees rates fall over the five-year term.
The deal starts at 6.99 per cent and falls 0.40 per cent each year to 5.39 per cent in the fifth year.
On both deals the average annual rate stands at 6.19 per cent - the equivalent of Skipton's five-year fixed mortgage.
The maximum loan-top-value stands at 75 per cent and a completion fee of £895 is applicable. Early redemption charges at five per cent.
When taken as remortgage deals, these products also offer free legal fees and valuation.
Steve Aldous, Skipton general manager of sales and marketing, said: "These are products for our times; offering flexibility and value.
"Whether you are looking to get on the housing ladder and need to keep you costs low, or are planning ahead for a time when your budget will be tighter, we now have the mortgage products to help."