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Skipton Building Society – 5 Year Capped Rate Mortgage

Friday, 7 September 2001.

Type: Capped rate flexible discount mortgage.

Capped term: Until January 31, 2007.

Capped rate: 6.5 per cent.

Discount: 0.75 per cent for years one and two, 0.3 per cent for years three and four, 0.5 per cent for year five.

Minimum loan: £5,000.

Maximum loan: Up to 85 per cent of valuation subject to a maximum of £1m.

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

Features: Overpayments, payment holidays, interest calculated daily.

Arrangement fee: £295.

Redemption fee: 5 per cent of outstanding balance in year one, 4 per cent in year two, 3 per cent in year three, 2 per cent in year four, 1 per cent in year five.

Conditions: Complusory insurance choice of accident, sickness and unemployment, house and contents or homeplan for five years. Discount for years one and two reduced to 0.6 per cent if insurance not taken.

Introducers&#39 fee: Subject to negotiation.

Contact: www.skipton.co.uk

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