Money News
Skipton has announced the launch of new 3 and 5 year base rate tracker capped mortgage products - the latest deals both capped at 5.99%. In effect that means the maximum monthly payment a borrower would make during the capped period on a £100,000 repayment mortgage over a 25 year term would be £643.
The 3 Year Base Rate Tracker Capped mortgage tracks Bank of England base rate + 0.30% for 3 years, giving a current pay rate of 5.55%.
The 5 Year Base Rate Tracker Capped mortgage, on the other hand, tracks Bank of England base rate + 0.35% for 5 years, giving a current pay rate of 5.60%.
At the end of the capped rate period both products revert to the Society's residential SVR (Standard Variable Rate) - currently 6.64%
Maximum LTV is 95% with no higher lending charge up to 90% LTV.
Free legal fees (through the Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases, are available. And borrowers can make overpayments as well as take payment holidays.
Meanwhile, early repayment charges work out to 2% for 24 months and 1% for the remainder of the capped rate period in both cases.
Neither facility carries an application fee, although a £599 completion fee, which can be added to the loan, is in force in both cases.
09 March 2007 © Moneyextra.com
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