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Skipton Variable Rates

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The three main variable rates our product deals move onto are either our Skipton Variable Rate (SVR), a Base Rate Tracker (BRT), or our Mortgage Variable Rate (MVR). These rates may change by different amounts at different times.

Variable Rate

"Variable" simply means the rate can go up or down at any time. However, sometimes variable rate mortgages may be subject to a "floor" (below which the rate can never fall), or a "ceiling" (which the rate cannot go beyond).

The rate is varied either at the discretion of the lender or in line with movements in an external rate (such as the Bank of England Base Rate). Most lenders have "standard" variable rates, which are varied at their discretion.

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Interest rates when Skipton product deals end

Which rate you move onto depends on when you applied for your product deal and the details of which will be shown on your mortgage offer. Details of the three rates, including a ceiling on the SVR (SVR Ceiling), appear in the table below. The rates shown in this table were last set on 14 November 2012.

Separate SVRs and MVRs exist for both residential and for Buy to Let mortgages, and may change by different amounts at different times.

  SVR
(Residential or Buy to Let)
BRT
(Residential or Buy to Let)
MVR
Residential Buy to Let
Current rate: 4.95% (variable)
Set by Skipton Building Society from time to time
4.95% (variable) Tracks Bank of England Base Rate plus 4.45% 5.49% (variable) 5.69% (variable)
Set by Skipton Building Society from time to time
Relates only to product deals applied for: Before 30 December 2009 On or after 30 December 2009, but before 14 November 2012 On or after 14 November 2012
Ceiling: Guaranteed not to be more than 3% above Bank of EnglanBase Rate unless exceptional circumstances apply (SVR Ceiling). The SVR Ceiling currently does not apply due to exceptional circumstances, but will be reinstated if exceptional circumstances cease. None
If the SVR Ceiling is reinstated, it will not apply to BRT products.
None
If the SVR Ceiling is reinstated, it will not apply to MVR products.
Questions about SVR Exceptional circumstances

Product deals on additional borrowing, porting and switching applied for on, or after 14 November 2012

Additional borrowing – where you borrow more money on top of your existing mortgage.

Additional borrowing applied for on or after 14 November 2012 moves onto MVR at the end of any product deal period, even if your existing product(s) are on, or will move onto, SVR or BRT. Your additional borrowing will not benefit from the SVR Ceiling, if it is reinstated.

Porting – where you move house and transfer your existing mortgage product to the new property.

If your existing product is on, or will move onto, SVR or BRT, any right to port that mortgage enables you to port the same rate to your new property, even after 14 November 2012 (subject to underwriting criteria). If, on or after 14 November 2012, you apply to port and take out additional borrowing above the balance of your existing mortgage, that additional borrowing will move onto MVR at the end of any product deal period. This additional borrowing will not benefit from the SVR Ceiling, if it is reinstated.

Rate Switch– where you move your mortgage from one Skipton product to another.

Since 14 November 2012 you can only switch to a product which moves onto MVR at the end of any product deal period. If your existing product is on, or will move onto, SVR or BRT and you switch, you will not be able to switch back later to SVR or BRT. The new product will not benefit from the SVR ceiling, if it is reinstated.

If you have any questions about this and how it relates to your mortgage, please contact us on 0345 850 1755*.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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