Two fixed rate mortgages have been launched by Skipton Building Society.
The two five-year fixed rate mortgage products, ‘Stepping up' and ‘Stepping Down', offer the protection and value of our existing 5-year fixed rate but annual steps make them more suitable for borrowers with changing lives.
The first of the new products, Stepping Up, has a rate that starts low and, as the name suggests, steps up annually. The product is aimed at those borrowers who may find standard fixed rate products initially too expensive but know that their income is going to increase over the coming years, such as graduates, the low start gives them the opportunity to get on the housing ladder.
The loan starts at 5.39 per cent and rises to 6.99 per cent for the final year. Fees total £895 and there is a maximum loan to value of 75 per cent.
The second product, Stepping Down, reverses the rate movement, with a higher initial rate and steps down annually. This will suit those customers who are currently financially well-placed but may be planning life changes that require lower outgoings, such as retirement.
Commenting, Steve Aldous, general manager, sales & marketing said,
"These are products for our times; offering flexibility and value,” said Steve Aldous, general manager, sales and marketing. “The average annual rate of these products is exactly the same as our existing flat rate five-year fixed mortgage - 6.19 per cent.
"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."
Date: 19th, August, 2008
Author: Ben Wilkie
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