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Skipton withdraws two-year deals over service concerns

Skipton Building Society withdrew its new two-year mortgage range last week after a high level of demand which led to concerns about service levels.

Skipton sent an email to advisers explaining that the range was to be removed. The products were introduced five weeks ago and included a mix of two-year fixed rate and trackers. The society will launch a replacement range this week.

The email said: “It is now five weeks since we launched our two-year product range to the intermediary market. Your support during this time has been absolutely tremendous and has exceeded expectations, so much so that current daily volumes are starting to impact on our service delivery to you.”

Skipton says the removal of the products would give “a few valuable days to process existing pipeline business”.

A spokeswoman says: “We are constantly monitoring and responding to internal and market trends, from customer demand to interest rate levels, and reviewing our product range.”

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