Drop in capped mortgage rate at Skipton

16 November 2004
The three-year capped mortgage rate at Skipton Building Society has fallen.

The mortgage can now be taken out for a starting rate of 5.24 per cent, a discount of 0.85 per cent from the society's current SVR of 6.09 per cent.

This discount rate lasts until February 28th, 2007 - after which the rate moves to the company's SVR or 5.75 per cent, whichever is lower.

Jennifer Holloway, head of media relations at Skipton Building Society, said: "If market predictions are correct and the UK is nearing a peak in interest rates, borrowers with tracker mortgages could see their repayments decrease in 2005.

"The benefit of Skipton's three-year Capped Rate Mortgage is that, if predictions are wrong and rates move upwards, borrowers have the safeguard of knowing their rate won't exceed 5.75 per cent."

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