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Skipton launches new fixed-rate mortgage

24 August 2006
One of the nation's leading mortgage-lending mutuals, Skipton Building Society, has unveiled a new home purchase loan product.

The institution's new ten-year fixed-rate mortgage gives customers guaranteed long-term rates on their home purchase borrowing, with 5.29 per cent payable on loans up to 75 per cent of the value of the property or 5.39 per cent for borrowing up to 95 per cent of the total value.

The rates are fixed until November 30th, 2016 and revert to Skipton's standard variable rate of 6.14 per cent after the end of this period. The product also has an early repayment charge of five per cent or less, depending on how early total repayment is.

No application fee is payable for the loan, although there is a completion fee of £499, which can be added to the total loan amount.

"With the recent base rate increase introducing uncertainty back to the mortgage market, fixed-rate deals have definitely gained in popularity," noted John Goodfellow, chief executive of Skipton.

"For those seeking certainty over the longer term, our new ten-year fixed-rate mortgage gives them all the peace of mind they need," he added.

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