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Skipton brings out a winner

Skipton Building Society

Three Year Fixed Rate Mortgage

Type: Fixed-rate mortgage

Fixed term: Until October 31, 2008

Fixed rate: 4.59%

Minimum loan: 5,000

Maximum loan: Up to 95% of valuation subject to a maximum of 200,000, up to 90% of valuation subject to a maximum of 300,000, up to 85% of valuation subject to a maximum of 400,000, up to 75% of valuation subject to a maximum of 1m

Income multiples: Up to 3.5 times principal income plus second or 2.75 times joint

Conditions: Six months free mortgage payment protection insurance, capital repayments of up to 10% a year allowed without penalty, free legal fees and free valuation on remortgages

Arrangement fee: 399 plus 100 application fee

Redemption fee: 5% of mortgage balance in year one, 4% in year two, 3% in year three

Introducers fee: Refer to lender

Tel: 08706 061621

Skipton is offering a fixed rate deal at 4.59 per cent until October 31, 2008 for loans up to 95 per cent of valuation.

There is nothing that John Charcol mortgage development manager Elliot Nathan dislikes about this deal. He says: “This offers a competitive interest rate for a medium term fixed rate, especially while offering free legals & free valuation on remortgages. It also allows overpayments of up to 10 per cent a year free from early redemption charges.”

He concludes that competition will come from Nationwide Building Societys three-year fixed-rate deal at 4.59 per cent, which also has free valuation and free legal fees..


Suitability to market: Good
Competitiveness of mortgage rate: Good
Flexibility: Average
Adviser remuneration: Average

Overall 7/10


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