Skipton Building Society has relaunched its stateside tracker mortgage, which tracks the 3-month US dollar LIBOR rate plus 1.85 per cent for five years. This gives a current rate of 2.99 per cent. The mortgage is available at up to 95 per cent loan to value. It has an early redemption fee of 5 per cent until November 30th 2008.
Head of media relations Jennifer Holloway says: “If history repeats itself, the US$ LIBOR rate will remain lower than the UK's base rate, which in turn will mean that Stateside borrowers continue to benefit from a low rate. This product has proved very popular with the more financially aware borrowers in the past, who understand the product's features, and we predict that it will do so again.”