Skipton suspends two year deals

Skipton Building Society is withdrawing its two year fixed and tracker mortgages today.

Key Facts Illustartions have already been removed from its website and the major sourcing systems have been instructed to remove  affected products.

All three year products remain available and unchanged and the two year fixed and tracker deals will be re-launching on August 18.

Skipton is extending the end dates on the fixed rate mortgages to September 30 2012 and standardising the completion fee to £995 across the product range.

There will be no change to pay rates for over half of these products but the same changes apply in terms of fee and end date for semi-exlusive two year deals.

Skipton will honour any business already submitted providing that any fee, declaration or  support documentation is received prior to close of business on August 25.

Cases not meeting this deadline will be cancelled.

If you already have a Decision in Principle accepted on an existing product that will be withdrawn today, this remains valid for 30 days from issue on a new equivalent product.

The lender will continue to accept new  business onto the existing products via the E-mortgage system if Cases are received by 5.00pm today, there is already a DIP agreed and the case is accompanied by a  signed declaration from the borrower, scanned and uploaded with the  application.

Cases received after this time or  without a declaration will be only accepted onto the new equivalent product.

Again, any support documentation or fee, must be received by close of business at the Mortgage Service Centre on August 25.

Skipton says: “Adopting these measures we believe will give us a few valuable days to catch up and process our existing pipeline business whilst also allowing you to offer these attractive deals to new potential borrowers when re-launched.”