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New mortgage deal from building society
Mon, 18 Aug 2008
A mortgage lender has announced the launch of two brand new fixed-rate mortgage loans . The special ‘staggered’ deals give borrowers the opportunity of fixed-rate repayments, staged over different levels – in tandem with borrowers’ changing lives.

Released by Skipton Building Society, the Stepping Up deal starts at a relatively low rate and then climbs in stages over a five year period. The deal is pitched at those borrowers who anticipate wage increases and the ability to afford higher mortgage repayments .

In contrast, the Stepping Down deal starts high (6.99 per cent) before falling in stages over a five year period. Both offers extend to a maximum of 75 per cent loan to value, and feature an arrangement fee just shy of £900. The general manager of lender sales and marketing at Skipton, Steve Aldous, reportedly commented: "These are products for our times; offering flexibility and value. The average annual rate of these products is exactly the same as our existing flat rate 5-year fixed mortgage - 6.19 per cent."

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