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Questions and Answers


  • These questions and answers relate only to mortgages linked to the Residential Standard Variable Rate (RSVR) and Buy to Let Standard Variable Rate (BSVR). As our RSVR and BSVR are currently set at the same level, where, in the remainder of this section, we refer to SVR, this relates to both of them.
  • If you have questions about mortgages linked to Commercial Standard Variable Rate (CSVR), please contact us directly.
  • If your current mortgage product did not have the benefit of the ceiling, you may find some of these Questions and Answers helpful, but please remember you did not have the benefit of the ceiling.
  • If your current mortgage product is not linked to a Standard Variable Rate (SVR) and never will be, these questions are not relevant to you.

1. What is a Standard Variable Rate (SVR)?

2. What is the SVR ceiling?

3. How does Skipton's current SVR compare with those charged by other lenders?

4. What is Skipton's SVR following the removal of the ceiling?

5. When did the change take place?

6. Is Skipton allowed to remove the ceiling?

7. What are 'exceptional circumstances'?

8. How long does Skipton expect exceptional circumstances to prevail and what will happen when the circumstances cease to be exceptional?

9. Why is Skipton removing the SVR ceiling now?

10. What does the removal of the SVR ceiling mean to me?

11. What if I believe the higher mortgage payments will cause me to go into arrears?

12. What if I have an arrangement to overpay on the required payment each month?

13. What if I have an arrangement for a monthly underpayment?

14. What if I have made overpayments and now wish to use these as a buffer?

15. Is Skipton doing this because it is in financial difficulty?

16. If I have taken out Mortgage Payment Protection Insurance (MPPI), will my MPPI payment increase to cover my new, higher mortgage payment?

17. Will it take me longer to pay off my mortgage?

18. I am a saver too. How do I benefit from an increased SVR?

19. How can I find out the balance outstanding on my mortgage?

20. Were these proposals seen by the Financial Services Authority (FSA)?

21. Will you tell Skipton borrowers when exceptional circumstances no longer prevail?

22. Will the SVR ceiling ever be reinstated?

23. Could the SVR ceiling be removed again?

24. What do I do if I wish to complain?

If you have any other questions, you can:-

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Call us on: 0845 604 6839* 8am to 8pm Monday to Thursday
8am to 5:30pm Friday
9am to 12pm Saturday


Gross means the interest paid before the deduction of income tax at 20%.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

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