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Skipton brings in semi-flexible mortgage

Skipton Building Society has brought in the flexible two-year fixed rate mortgage.


Although the mortgage has interest calculated daily and gives the ability to overpay and take payment holidays, it does not include underpayments and lump sum withdrawals, unlike other flexible mortgages.


The mortgage offers a number of different fixed interest rates, depending on which option the homebuyer takes. These include a rate of 5.49 per cent for a maximum loan to value of 80 per cent with either house and contents or accident sickness and unemployment insurance, or 5.74 per cent without compulsory insurance.


There is also the option of an interest rate of 5.74 per cent for a maximum loan to value of 95 per cent with insurance or 5.99 per cent without compulsory insurance. In addition the mortgage offers the chance to switch to the society’s discounted variable rate on November 1, 2001 if the Bank of England base rate falls below the fixed rate during the first year of the mortgage.


At 5.49 per cent Skipton is offering a very competitive rate and is the lowest on the market. It’s closest competitor is the 5.99 per cent flexible fixed rate mortgage from Yorkshire Building Society. However, without the ability to underpay and take lump sum withdrawals the Skipton product is not a truly flexible mortgage, although the option to switch its rate to a discounted rate after a year is unique.

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