UK Money News
18th August 2008
Skipton launches five-year stepped mortgages
Skipton Building Society has unveiled two new five-year fixed rate mortgage deals which enable people to adjust repayments according to their life plans while still enjoying the stability of a fixed rate.
The 'Stepping Up' mortgage starts at 5.39 per cent in the first year, before rising by 0.40 per cent annually to 6.99 per cent in the fifth year.
Conversely, the 'Stepping Down' mortgage starts with higher rates, which become progressively lower rates over the five-year term.
Both deals are for a maximum loan to value (LTV) of 75 per cent and feature a fee of £895.
Steve Aldous, Skipton general manager of sales and marketing, said: "These are products for our times; offering flexibility and value.
"Whether you are looking to get on the housing ladder and need to keep you costs low, or are planning ahead for a time when your budget will be tighter, we now have the mortgage products to help."
Remortgagers opting for the loans also benefit from free legal fees and valuation.
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