Skipton Building Society
Type: Loan offering discounted rate for first two years followed by a capped rate thereafter.
Discounted term: First two years of loan.
Discounted rate: 2 per cent.
Payable rate: 6.8 per cent.
Capped term: From two years after completion until October 31, 2003.
Capped rate: 6.99 per cent.
Minimum loan: £5,000.
Maximum loan: Up to 90 per cent of valuation.
Income multiples: First time buyers – 3.25 times principal income plus second or 2.5 times joint. Other borrowers – 3.25 times principal income plus second or 2.65 times joint.
Arrangement fee: Loans up to £250,000 – £325, loans of £250,001 to £500,000 – 0.2 per cent of loan and for loans of £500,001 plus – 0.3 per cent of loan.
Redemption fee: 5 per cent in first five years.
Conditions: One compulsory insurance from choice of home & contents, homeplan (enhanced buildings and contents) and accident, sickness and unemployment insurance.
Introducer's fee: Currently under review.
Tel: 0345 171777.