New tracker mortgage products from Skipton

Skipton building society has launched a new range of base rate-tracker capped mortgages.

The mortgages are available in tracker periods of three or five years and the rate of interest is capped is set at 5.99 per cent.

As a result, the maximum monthly payment that would be required on a loan of £100,000 during the capped period would be £643.

The three year product carries an interest rate of 0.3 per cent above base and the five year product is 0.35 per cent above base.

Borrowers can make overpayments on either product – and take payment holidays ñ although early repayment charges do apply.

There is also a £599 completion fee on the product, which is available at up to 95 per cent loan-value.

With the Bank of England’s monetary policy committee voting on Thursday to maintain the interest rate at current levels for March, the current base rate is 5.25 per cent.

© Adfero Ltd

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