5 Year Fixed Rate Mortgage (85% LTV) No fee for Remortgages
Our 5 Year Fixed Rate Mortgage is available up to 85% LTV so will require a deposit of at least 15% from you. This mortgage is only available to customers remortgaging an existing property.
With a fixed rate mortgage, you'll be protected from interest rate increases during the fixed term, but won't benefit from a fall in interest rates.
Please be aware our mortgage products can be withdrawn without notice.
The minimum property value allowed on this mortgage is £50,000, the maximum loan size permitted is £500,000 (see Important Notes).
|Initial interest Rate
2.55% fixed until 31/05/2022
|For the remainder of the term of the mortgage, changing to our RMVR currently
|The overall cost for comparison is
|Early repayment charge 
5% until 31 May 2019,
4% until 31 May 2020,
3% until 31 May 2021,
2% until 31 May 2022
|Overpayments allowed (without an early repayment charge) 
Yes, up to 10% of original loan each year until 31 May 2022
|Application fee 
|Completion fee 
This product may be portable. Free standard valuation and legal fees for remortgages.
The APRC is calculated based on the following: A repayment mortgage of £135,000 payable over 24 years 11 months initially on a rate fixed until 31/05/2022 at 2.55% and then our RMVR variable rate currently 4.74% for the remaining term would require 60 monthly payments of £609.88 and 238 monthly payments of £738.90 followed by a final payment of £504.45.
The total amount payable would be £212,995.45 made up of the loan amount plus interest, CHAPS fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
- The maximum loan size available to interest only customers is £500,000, even where the product maximum is greater than this. The maximum loan size available may also vary subject to other lending criteria (as well as affordability), which will be assessed during your application. Further information is available from our mortgage team. For BTL, we do not currently lend to applicants who have not had a mortgage before.
- Where no Early Repayment Charge (ERC) applies or the ERC period has expired, unlimited overpayments can be made.
- The 10% overpayment allowance is per annum and cannot be rolled over. For full details please see your Mortgage Illustration and mortgage offer.
- Fees payable at application are non-refundable.
- Please note, where separate interest rates apply for different Loan to Values (LTVs), a change in your valuation or loan required may mean you are ineligible for the rate you originally applied for. In this instance you will be advised of the change and asked if you still wish to proceed with your application.
- Where stated in the product details, free standard legal fees and a free standard valuation apply. There may be some additional legal costs payable where the remortgage is above £1,000,000. A free standard valuation is available on properties valued up to £1,500,000. If you require a Homebuyers Report or Buildings Survey, then the additional cost associated with this report will be incurred by you. These incentives are available to a maximum of one application per applicant(s). For further information please visit our Remortgage Conveyancing Service page.
- The product shown is available from Skipton through our Skipton Direct team. There may be other products available through intermediaries.
- Monthly payments must be paid in advance by Direct Debit on the 1st of each month. The interest rates quoted include a 0.25% Direct Debit discount. If the Direct Debit is cancelled, the discount is removed.
- All mortgages are subject to status and valuation. You must be 18 or over to apply for a mortgage.
- A floor applies to all discounted and tracker products. Unless specifically stated otherwise for a particular product, this floor is 0% i.e. no pay rate will ever be less than 0%.
- Certain other fees may apply depending upon your circumstances. See our Tariff of Mortgage Charges
- If your loan has any element of interest only, the maximum LTV allowed is 80% however, the interest only part is restricted to 70% LTV. This excludes Buy-to-Let.
APRC - Annual Percentage Rate of Charge
An indicative guide to help you compare the cost of different mortgage deals, taking account of interest rates payable (both during the initial product period and after) and fees.
BoEBR - Bank of England Base Rate
The interest rate at which the Bank of England will lend to the UK banking sector. Set by the Bank’s Monetary Policy Committee (MPC). Also sometimes referred to as the Bank Base Rate (BBR).
DIP - Decision in Principle
A means of collecting key information from prospective borrowers to provide an indication as to whether the Society can accomodate their mortgage needs.
MIL - Mortgage Illustration
A document which must be provided by all mortgage lenders to prospective customers before a mortgage application is submitted. This includes details of rate payments, fees, charges and features.
LTV - Loan-to-Value
The amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
RMVR - Residential Mortgage Variable Rate
RMVR was introduced on 14 November 2012. This is the variable rate we normally apply after one of our product incentive deals ends. It is a different interest rate to the Society’s Residential Standard Variable Rate (RSVR), although both are set by the Society. These two interest rates may change by different amounts and at different times. The RMVR does not have any ceiling.
Please see our Mortgages jargon buster for further assistance with mortgage terminology.
Benefits of a Skipton Mortgage
When you take out a mortgage, you might appreciate some support on your journey. For this reason, we provide plenty of extra benefits.
- Daily interest - by calculating the interest you pay on a daily basis, we help you save thousands of pounds over the life of your mortgage.
- Overpayments up to 10% per year without charge even if there is an Early Repayment Charge (ERC) – this option could allow you to pay your mortgage off earlier than planned, saving you thousands of pounds in interest.
- Payment holidays - if you've made overpayments and are eligible, we offer payment holidays, giving you a break from mortgage payments for up to three consecutive months.
- Mix and match - if you can't decide which product is best for you, or you'd like a combination of products, your mortgage adviser may be able to recommend a combination of products to suit your personal requirements. In such cases, the highest product fee of those chosen will apply.
- Part and part – you can also choose more than one repayment method, such as part repayment and part interest-only mortgage, if you are eligible.
- Free standard valuation up to a maximum purchase price/estimated valuation/ultimate valuation of £1,500,000. See product specification for details.
- Free standard legal costs for some products if you're remortgaging.
- Cashback following completion for some products if you're remortgaging
- Portability - your product may be portable, meaning you may be able to move your mortgage deal with you (subject to lending criteria) if you choose to move house, without paying an ERC unless you are reducing the balance.
- Personal Adviser - you will receive your own dedicated mortgage adviser to offer help, information and advice. Buy-to-let applicants will receive all the help and information they need to make a decision about their mortgage.
- Protection - we can provide buildings insurance to protect your home and its contents as well as cover such as Critical Illness Cover. Buildings insurance can only be put in place for properties which are complete. For new builds, you may need to have 'property in the course of construction' insurance in place from exchange of contracts. Your conveyancer will advise you if this is the case.
- Additional borrowing – if you want to increase your mortgage in the future, we offer the option of additional borrowing, subject to affordability, LTV and other lending criteria.
For further information, please visit Benefits of a Skipton Mortgage
Start your application online
You can start your application now by obtaining an online Decision in Principle (DIP) which takes around 10 minutes to complete, once you have the relevant information to hand. You will need your salary and employment details/2 years’ worth of accounts if you are self employed, details of your existing mortgage(s), if you already have one, details of your current financial commitments and loans and, if applying for Buy to Let, details of actual or expected rental income.
We will ask you for specific information about your income and outgoings, following which we will provide you with a decision about the amount of loan which could be available to you and whether we will be able to provide you with a mortgage. The DIP is not a cost quotation for a particular mortgage product but an indicator of how much we would be prepared to lend you. A more detailed quotation will be provided to you in the form of a Mortgage Illustration later in the application process.
Once you have this initial lending decision, our Mortgage team will contact you to book a telephone appointment with a qualified Mortgage Adviser. They will advise you on products which are most suitable for you and assist you in making a full mortgage application.
Please note, an application for a DIP involves the Society carrying out a credit check on you.
Online DIP - Important Notes
- The DIP is limited to a maximum of two applicants only.
- Applicant(s) must be at least 18 years of age and must be a UK resident or EEA citizen or have indefinite leave to remain.
- The property must be in the UK.
Alternatively you can speak to one of our Customer Advisers by telephone who will be happy to give you more details about this mortgage and the application process and carry out a DIP over the phone.
Call Skipton Direct
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