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Skipton withdraws all two-year fixes

Skipton Building Society has today withdrawn all of its two-year fixed rate mortgages and will not be relaunching new deals until February 21.

The society has also withdrawn all of its three and five-year fixed rates over 75% LTV, and its three-year base rate trackers.

The society has withdrawn 27 mortgage deals in total.

Skipton says it has withdrawn the rates because of significant volumes of business.

A spokeswoman for Skipton, says: “We have seen a spike in demand in people rushing to fix their mortgage rate. But we will be coming back with a competitive range of deals on February 21.”

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  • David Sheppard, Perception Finance 10th February 2011 at 5:44 pm

    Whilst I understand that lenders may have to give short notice of product withdrawals, Skipton’s email arrived with just 1 hour and 5 minutes to go before withdrawal.

    Add the fact that to secure the rate, not only did the application have to be in but the signed client declaration would also have to be in in this time and this makes it harder.

    Finally, when going to the Skipton website, brokers were greeted with a message saying that the online system had issues which they were aware of and working on but cases may be hard to submit.

    All in all this announcement, taking the above 3 facts into consideration, was not great.