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New capped tracker mortgages unveiled

Fri, 09 Mar 2007

Mortgage holders looking to find a remortgage deal have been put on alert after Skipton Building Society launched two new products.

The first deal from the financial services provider is a three-year tracker mortgage, which holds at 0.3 per cent above the Bank of England's base rate for the duration of the loan.

Alternatively, homeowners may prefer to opt for the new five-year tracker mortgages, which feature lending rates of 0.35 per cent above national interest rates.

Both products have repayments capped at 5.99 per cent, which the financial services provider's head of lending Colin Dale has hinted may reassure many people concerned about rising mortgage costs.

"Our two new base-rate tracker capped mortgages give borrowers the confidence in knowing that their interest rate will never go above 5.99 per cent," he remarked.

Yesterday, the Bank of England's monetary policy committee announced that interest rates would remain at 5.25 per cent for the third consecutive month.

However, many financing experts have warned that the base rate could rise to 5.5 per cent later in the year, as the Bank looks to ease inflationary pressures.

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