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20 August 2008 Skipton Building Society has launched two new five-year fixed rate mortgages. The two five-year fixed rate mortgage products, called 'Stepping up' and 'Stepping down', offer annual steps to suit borrowers with changing lives. The Stepping up product has a rate that starts low and steps up annually. It is aimed at borrowers who may find standard fixed rate products initially too expensive, such as graduates, but know their income is going to increase over the coming years. The stepped interest rate starts at 5.39 per cent and is fixed until 31 October 2009, gradually rising to reach 6.99 per cent in year five. It has a maximum loan-to-value (LTV) of 75 per cent, a completion fee of £898 and at the end of term reverts to the standard variable rate (SVR), which is on average 6.19 per cent. The Stepping down product starts with a higher rate and steps down annually. It is aimed at customers who are currently financially well-placed, but may be planning life changes that require outgoings such as retirement. Product features include a stepped interest rate starting at 6.99 per cent fixed until 31 October 2009, dropping gradually to reach 5.39 per cent in year five.It has a maximum LTV of 75 per cent and a completion fee of £895 and also reverts to the standard variable rate at the end of the term.When taken as remortgage deals, both products come with free legals and valuation.Steve Aldous, general manager, said: "These are products for out times offering flexibility and value."Whether you are looking to get on the housing ladder and need to keep your costs low or are planning ahead for a time when your budget will be tighter, we now have the mortgage products to help." Source |
