Skipton launches new fixed-rate mortgage

11-Oct-2006

Skipton Building Society has announced the launch of a new seven-year fixed-rate mortgage that may be suitable for first time buyers.

Available in two variations, first time buyers or second time purchasers can either opt for an interest rate of 4.99 per cent with a completion fee of £799, or an interest rate of 5.14 per cent and a completion fee of £499.

"Recent reports from the media have shown that the industry has seen a huge surge in demand for longer term fixed-rate loans," said John Goodfellow, chief executive of Skipton Building Society.

"The cracking new rate … is ideal for customers looking for [an] extremely competitive product," he added.

The new mortgage features a range of flexible benefits, including daily interest and the ability to overpay up to ten per cent of the original loan each year without penalty.

However, should the loan be repaid by January 31st 2008, an early repayment charge of five per cent will be levied.

Skipton offers a range of mortgages, with interest rates ranging from 4.95 per cent to 6.14 per cent.

First time buyers concerned about how an increase in interest rates might affect how much they would have to pay each month, should consult a good broker.

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