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Stepped discount from Skipton

Skipton Building Society has launched a new four-year stepped discount mortgage which is currently paying rates starting from 3.55 per cent.

The greatest discount is in the first year when it is 2.15 per cent off Skipton&#39s variable rate, which is currently 5.70 per cent.

In the second year the discount is 0.85 per cent off the variable rate, dropping to a 0.5 per cent in years three and four.

The four-year stepped product has a LTV of up to 85 per cent and flexible benefits including daily calculation of interest, overpayments and payment holidays. It offers free legal fees for remortgages or £250 cashback to borrowers in Scotland.

It has an early redemption fee of 4 per cent in the first year, 3 per cent in the second, 2 per cent in the third and 1 per cent in the fourth.

Skipton head of corporate communications Jennifer Holloway says: “For many homeowners the first few years of owning their new property presents the biggest challenge in terms of financing a loan. The four-year stepped discount mortgage offers the greatest discount in the first year, when finances are particularly tight with further discounts over the next three years.

“In addition, the borrower will continue to pay reduced rates for the lifetime of their mortgage by benefiting from the Society&#39s concessionaire mortgage discount scheme.”

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