Skipton unveils new long-term mortgage

The Skipton Building Society has launched a new ten-year fixed-rate mortgage at 5.29 per cent for loans up to 75 per cent loan-to-value (LTV) until November 30th 2016.

For customers wishing to take out a mortgage to cover 95 per cent of the value of their house, a rate of 5.39 per cent will be available. Following the ten-year fixed period, these offers will revert to the society’s standard rate – currently 6.14 per cent.

Early repayment charges apply on this offer, ranging from five per cent to one per cent, depending on the period of the mortgage in which repayments are made. Capital repayments of up to ten per cent of the original loan are allowed each year without charge in the ERC period.

A £499 completion fee, which can be added to the loan, is also payable on this product.

The mortgage includes benefits of free legal fees and valuation on all residential remortgage cases, as well as free accident, sickness and unemployment cover for six months.

There are also flexible features, offering customers daily interest and allowing them to overpay or take payment holidays.

John Goodfellow, chief executive of the Skipton Building Society, said: “With the recent base rate increase introducing uncertainty back to the mortgage market, fixed-rate deals have definitely gained in popularity.

“For those seeking certainty over the longer term, our new ten-year fixed-rate mortgage gives them all the peace of mind they need.”