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Skipton Variable Rates

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS. IF YOU HAVE A BUY TO LET MORTGAGE AND YOU FAIL TO KEEP UP WITH THE PAYMENTS ON YOUR MORTGAGE A 'RECEIVER OF RENT' MAY BE APPOINTED AND/OR YOUR RENTAL PROPERTY MAY BE REPOSSESSED.

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 above).

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   1 October 2014.

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% 4.99% (variable) 5.19% (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 option 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*.

Historical Interest Rate Information

Some of our mortgage rates track external rates. These are the Bank of England's Base Rate and UK Sterling 3-month LIBOR. Typically, customer rates are set at a fixed percentage above the stated external rate, which will be detailed in your Mortgage Offer. To find out about current and historic reference rates, please see below.

Explanation of which external reference rate series to use

  • If your mortgage rate tracks the Bank of England Base Rate (typically referred to as Base Rate Trackers) you can view changes to the Base Rate by visiting the Bank of England's official bank rate history page.
  • If you applied for your LIBOR-linked mortgage with Skipton Building Society on or before 31 January 2006, select the SBS UK LIBOR 1 tab below. This resets on the first working day of February, May, August and November each year, with the reset rate remaining fixed for the following quarter until the next reset. The reset calculation is an average of the last 5 working days of the previous month.
  • If you applied for your LIBOR-linked mortgage with Skipton Building Society on or after 1 February 2006, select the SBS UK LIBOR 2 tab below. This resets on the first working day of March June, September and December each year, with the reset rate remaining fixed for the following quarter until the next reset. The reset calculation is an average of the last 5 working days of the previous month.
  • If you applied for your LIBOR-linked mortgage with Scarborough Building Society, select the SCBS UK tab below. This resets on the first working day of January, April, July and October each year, with the reset rate remaining fixed for the following quarter until the next reset. The reset calculation is a single reading of UK 3-month LIBOR average of the first working day of the month.
EffectiveDate Rate
01/02/2016 0.840
03/08/2015 0.830
01/05/2015 0.820
01/08/2014 0.810
01/05/2014 0.780
03/02/2014 0.770
01/08/2013 0.760
01/05/2013 0.750
01/02/2013 0.760
01/11/2012 0.780
01/08/2012 1.000
01/05/2012 1.260
01/02/2012 1.330
01/11/2011 1.240
01/08/2011 1.080
03/05/2011 1.070
01/02/2011 1.020
02/08/2010 0.990
04/05/2010 0.920
01/02/2010 0.870
02/11/2009 0.840
03/08/2009 1.150
01/05/2009 1.720
02/02/2009 2.420
03/11/2008 6.160
01/08/2008 6.040
01/05/2008 6.120
01/02/2008 5.820
01/11/2007 6.520
01/08/2007 6.290
01/05/2007 5.950
01/02/2007 5.840
01/11/2006 5.430
01/08/2006 5.010
02/05/2006 4.910
01/02/2006 4.840
01/11/2005 4.850
01/08/2005 4.870
01/05/2005 5.190
01/02/2005 5.120
01/11/2004 5.150
01/08/2004 5.180
01/05/2004 4.670
01/02/2004 4.370
01/11/2003 4.180
01/08/2003 3.690
01/05/2003 3.880
01/02/2003 4.200
01/11/2002 4.220
01/08/2002 4.240
01/05/2002 4.410
01/02/2002 4.290
01/11/2001 4.550
01/08/2001 5.490
01/05/2001 5.600
01/02/2001 6.060
EffectiveDate Rate
01/03/2016 0.840
01/12/2015 0.820
01/09/2015 0.800
01/06/2015 0.820
02/03/2015 0.810
01/12/2014 0.800
01/09/2014 0.810
02/06/2014 0.780
02/12/2013 0.770
04/03/2013 0.760
03/12/2012 0.770
03/09/2012 0.940
01/06/2012 1.250
01/03/2012 1.310
01/12/2011 1.280
01/09/2011 1.130
01/06/2011 1.080
01/03/2011 1.050
01/12/2010 0.990
01/09/2010 0.970
01/06/2010 0.960
01/03/2010 0.890
01/12/2009 0.860
01/09/2009 0.950
01/06/2009 1.530
02/03/2009 2.310
01/12/2008 4.200
01/09/2008 6.010
02/06/2008 6.110
03/03/2008 5.950
03/12/2007 6.830
03/09/2007 6.880
01/06/2007 6.060
01/03/2007 5.790
01/12/2006 5.490
01/09/2006 5.220
01/06/2006 4.960
01/03/2006 4.820
01/02/2006 4.840
EffectiveDate Rate
08/07/2016 0.520
11/01/2016 0.590
08/07/2015 0.580
08/04/2015 0.570
08/10/2014 0.560
08/07/2014 0.550
08/04/2014 0.520
09/01/2014 0.530
07/10/2013 0.520
09/04/2013 0.510
09/01/2013 0.520
08/10/2012 0.590
10/07/2012 0.890
09/04/2012 1.030
10/01/2012 1.080
10/10/2011 0.950
08/07/2011 0.830
08/04/2011 0.820
11/01/2011 0.760
08/07/2010 0.730
08/04/2010 0.650
11/01/2010 0.610
08/10/2009 0.540
08/07/2009 1.180
08/04/2009 1.630
06/03/2009 2.710
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS. IF YOU HAVE A BUY TO LET MORTGAGE AND YOU FAIL TO KEEP UP WITH THE PAYMENTS ON YOUR MORTGAGE A 'RECEIVER OF RENT' MAY BE APPOINTED AND/OR YOUR RENTAL PROPERTY MAY BE REPOSSESSED.
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