Skipton launches new base rate tracker mortgage

02 February 2006
Skipton has introduced a new base rate tracker mortgage which expands on its competitive mortgage range.

The building society launched the new Base Rate Tracker Extra mortgage at 4.99 per cent this week.

This is the equivalent to initial monthly repayments of just £585 on a £100,000 repayment mortgage over a 25-year term.

Key features of the tracker mortgage include its tracking of the Bank of England's base rate plus 0.49 per cent for the term of the mortgage and no application or completion fees.

"The Base Rate Tracker Extra really is a win-win product for any borrower," said Jennifer Holloway, head of media relations at Skipton.

"They win when they take out the loan as there are no fees and £150 cashback; they win if – as many market commentators predict – the base rate moves downwards, through lower monthly payments and they win should they wish to repay the loan, as there are no early repayment charges on penalties."

She added that the "simplicity" of the mortgage will make it attractive to borrowers.

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