Skipton Building Society offers new fixed deals

Skipton Building Society has launched two new fixed rate deals for homeowners reviewing their mortgages in 2003.

Launched yesterday, the two-year fixed rate mortgage is fixed at 3.99% with a five-year fixed rate available at 4.99%. For a £100,000 mortgage this would mean fixed monthly interest repayments of £333 and £416 respectively.

Both deals are to a maximum LTV of 95%, with free MIG up to 90% LTV and free legal fees for remortgages or £250 cashback in Scotland. Flexible benefits include daily interest, overpayments and payment holidays

A £295 completion fee is charged for the deal with redemption charges of 2% of the mortgage balance until March 31 2007 for the two-year deal or 3% of the mortgage balance until March 31 2008 for the five-year deal. Skipton allows fee-free capital repayments of up to 10% each year.

Jennifer Holloway, head of corporate communications, says: “Since Christmas it has been well reported that many lenders have been increasing rates on fixed rate mortgages. However, we are pleased to be able to offer two attractive deals with rates offered last year.

“These mortgages allow borrowers the choice to freeze their monthly outgoings for either two or five years, depending on their view of interest rates in the short to medium-term.”