Skipton Building Society is introducing a range of mortgages aimed at
boosting business from new borrowers and remortgages.
Following its move to introduce a mortgage discount scheme – which aims to
retain existing borrowers by lowering interest rates over the course of the
loan – Skipton is now targeting new borrowers and those currently on
variable rates over 7 per cent.
Its Head Start mortgage has rates starting at 5.6 per cent up to 95 per
cent loan to value and is free of any mortgage indemnity guarantee charges.
It includes free buildings insurance for 12 months and free legal fees on
remortgages up to 85 per cent LTV.
The base-rate tracker follows the Bank of England's base rate for the
first four years – at rates starting from 4.7 per cent depending on LTV –
before switching to a 6.5 per cent interest rate.
A residential buy-to-let mortgage offers an initial rate of 6.6 per cent
and has no compulsory insurance and nocharge for capital repayments.
Head of corporate communications Mark Smitheringale says: “We are now
offering new customers a choice of carefully designed and competitive loans
which they can tailor to their own circumstances.”