Skipton Building Society has launched two new capped rate mortgages.
The new three and five-year base rate tracker capped mortgages are capped at 6.44 per cent and 6.49 per cent respectively.
Head of lending Colin Dale says: “Our two new base rate tracker capped mortgages have two clear benefits – they give borrowers the confidence in knowing that their interest rate will never go above 6.49 per cent and the benefit that the rate will fall if we see future decreases in the base rate. Plus, the great starting rates definitely tick all the boxes for borrowers working within a budget.”
Both of the products are available up to 95 per cent loan to value with no higher lending charge up to 90 per cent LTV.
There is no extended tie in – early repayment charge for the 3-year product is 2 per cent until 30 November 2008 and 1 per cent until 30 November 2010. Early repayment charge for the 5-year product is 2 per cent until 30 November 2009 and 1 per cent for until 30 November 2012.
There is no application fee on either product but there is a £599 completion fee on both products which can be added to the loan.