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Fixed rate mortgages expanded at Skipton

Thu, 08 Dec 2005

Skipton Building Society is expanding its range of fixed rate mortgages by adding a three-year mortgage to its offering.

The new mortgage offers a fixed mortgage rate of 3.99 per cent until March 31st 2009.

After this date, the mortgage rate will revert back to the mortgage lender's standard variable rate (SVR), which is currently at 5.89 per cent.

The maximum loan to value is 95 per cent and an early repayment charge of five per cent will be charged in the first year of the life of the mortgage.

All residential remortgage customers will receive free in-house legal services and free valuation.

For six months, all mortgage borrowers will receive free insurance cover for accident, sickness and unemployment.

Feedback from the mortgage lender's branches and mortgage brokers showed that fixed rate mortgages are still the loan of choice for many mortgage borrowers, says Jennifer Holloway, the head of media relations.

Ms Holloway adds that the mortgage lender's SVR is "one of the industry's lowest".

Flexible benefits of the mortgage include daily calculation of interest, the ability of mortgage borrowers to overpay and being allowed to take payment holidays.

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