Welcome to our Variable Rate mortgage products

Variable Rate Mortgages

Enjoy the flexibility of a variable rate mortgage, with products available over a variety of terms to suit you and your individual needs.

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.

Enjoy the flexibility of a variable rate mortgage

A variable rate mortgage has a rate which can move either up or down and may be linked to an external rate, such as the Bank of England Base Rate (BoEBR) or may be adjusted by the lender. This means that the interest rate on your mortgage will rise and fall in line with any changes to this rate. While your monthly payments may be lower than those on an equivalent fixed rate product, you should bear in mind that during the mortgage, your payments could go up as well as down.

Our Mortgage Guide and Skipton Variable Rates page offer a more detailed explanation of different types of variable rate mortgages, including the Base Rate Tracker, the Skipton Variable Rate, our Mortgage Variable Rate and Discount Variable Rates.

Variable rates are set for a number of years and usually run to a fixed end date, which will typically be 2, 3 or 5 years from the date you take out your mortgage. Below are our options for variable rate mortgages, which also feature a range of standard, low or no application and completion fees:

Initial rate payable 1.99% Variable (Discount of 2.95% off our BMVR). The pay rate will not go below a floor of 0.50%.
Changing to 4.94%
our current BMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.6% APRC
Early Repayment Charges None
Max LTV 60%
Mortgage fees Application: No fee
Completion: £995
Find out more
The APRC is calculated based on the following: An interest only mortgage of £105,000 payable over 15 years 10 months initially on a discounted rate for 2 years at 1.99% variable (Discount of 2.95% off our BMVR) and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly payments of £175.80 and 165 monthly payments of £436.41 followed by a final payment of £436.41. The total amount payable would be £182,675.32 made up of the loan amount plus interest, Completion fee of £995, CHAPS fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Initial rate payable 2.40% Variable (Discount of 2.54% off our BMVR). The pay rate will not go below a floor of 0.50%.
Changing to 4.94%
our current BMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.7% APRC
Early Repayment Charges None
Max LTV 75%
Mortgage fees Application: No fee
Completion: £995
Find out more
The APRC is calculated based on the following: An interest only mortgage of £145,000 payable over 23 years initially on a discounted rate for 2 years at 2.40% variable (Discount of 2.54% off our BMVR) and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly payments of £292.02 and 251 monthly payments of £601.08 followed by a final payment of £601.08. The total amount payable would be £304,518.91 made up of the loan amount plus interest, Completion fee of £995, CHAPS fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Initial rate payable 1.17% Variable (BoEBR + 0.92%). The pay rate will not go below a floor of 1.17%.
Changing to 4.74%
our current RMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.0% APRC
Early Repayment Charges 0.5% for 2 years
Max LTV 60%
Mortgage fees Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £105,000 payable over 15 years 10 months on our variable tracker rate for 2 years at 0.92% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £608.12 and 165 monthly payments of £765.28 followed by a final payment of £652.23. The total amount payable would be £141,518.31 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Initial rate payable 1.40% Variable (BoEBR + 1.15%). The pay rate will not go below a floor of 1.40%.
Changing to 4.74%
our current RMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.2% APRC
Early Repayment Charges 0.5% for 2 years
Max LTV 75%
Mortgage fees Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £145,000 payable over 23 years on our variable tracker rate for 2 years at 1.15% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £616.72 and 251 monthly payments of £843.25 followed by a final payment of £575.95. The total amount payable would be £227,032.98 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Initial rate payable 1.51% Variable (BoEBR + 1.26%). The pay rate will not go below a floor of 1.51%.
Changing to 4.74%
our current RMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.3% APRC
Early Repayment Charges 0.5% for 2 years
Max LTV 80%
Mortgage fees Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £115,000 payable over 25 years 4 months on our variable tracker rate for 2 years at 1.26% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £457.21 and 279 monthly payments of £636.86 followed by a final payment of £393.95. The total amount payable would be £189,050.93 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Initial rate payable 1.71% Variable (BoEBR + 1.46%). The pay rate will not go below a floor of 1.71%.
Changing to 4.74%
our current RMVR a variable rate for the remainder of the term
The overall cost for comparison is 4.3% APRC
Early Repayment Charges 0.5% for 2 years
Max LTV 85%
Mortgage fees Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £130,000 payable over 26 years 2 months on our variable tracker rate for 2 years at 1.46%% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £515.37 and 289 monthly payments of £709.20 followed by a final payment of £421.08. The total amount payable would be £217,748.76 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
Product name Initial rate payable Changing to The overall cost for comparison is Early Repayment Charges Max LTV Mortgage fees  
2 Year Buy to Let MVR Discount Mortgage 1.99% Variable (Discount of 2.95% off our BMVR). The pay rate will not go below a floor of 0.50%. 4.94%
our current BMVR a variable rate for the remainder of the term
4.6% APRC None 60% Application: No fee
Completion: £995
Find out more
The APRC is calculated based on the following: An interest only mortgage of £105,000 payable over 15 years 10 months initially on a discounted rate for 2 years at 1.99% variable (Discount of 2.95% off our BMVR) and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly payments of £175.80 and 165 monthly payments of £436.41 followed by a final payment of £436.41. The total amount payable would be £182,675.32 made up of the loan amount plus interest, Completion fee of £995, CHAPS fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
2 Year Buy to Let MVR Discount Mortgage 2.40% Variable (Discount of 2.54% off our BMVR). The pay rate will not go below a floor of 0.50%. 4.94%
our current BMVR a variable rate for the remainder of the term
4.7% APRC None 75% Application: No fee
Completion: £995
Find out more
The APRC is calculated based on the following: An interest only mortgage of £145,000 payable over 23 years initially on a discounted rate for 2 years at 2.40% variable (Discount of 2.54% off our BMVR) and then our BMVR variable rate currently 4.94% for the remaining term would require 24 monthly payments of £292.02 and 251 monthly payments of £601.08 followed by a final payment of £601.08. The total amount payable would be £304,518.91 made up of the loan amount plus interest, Completion fee of £995, CHAPS fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
2 Year Base Rate Tracker Mortgage Standard Fee 1.17% Variable (BoEBR + 0.92%). The pay rate will not go below a floor of 1.17%. 4.74%
our current RMVR a variable rate for the remainder of the term
4.0% APRC 0.5% for 2 years 60% Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £105,000 payable over 15 years 10 months on our variable tracker rate for 2 years at 0.92% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £608.12 and 165 monthly payments of £765.28 followed by a final payment of £652.23. The total amount payable would be £141,518.31 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
2 Year Base Rate Tracker Mortgage Standard Fee 1.40% Variable (BoEBR + 1.15%). The pay rate will not go below a floor of 1.40%. 4.74%
our current RMVR a variable rate for the remainder of the term
4.2% APRC 0.5% for 2 years 75% Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £145,000 payable over 23 years on our variable tracker rate for 2 years at 1.15% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £616.72 and 251 monthly payments of £843.25 followed by a final payment of £575.95. The total amount payable would be £227,032.98 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
2 Year Base Rate Tracker Mortgage Standard Fee 1.51% Variable (BoEBR + 1.26%). The pay rate will not go below a floor of 1.51%. 4.74%
our current RMVR a variable rate for the remainder of the term
4.3% APRC 0.5% for 2 years 80% Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £115,000 payable over 25 years 4 months on our variable tracker rate for 2 years at 1.26% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £457.21 and 279 monthly payments of £636.86 followed by a final payment of £393.95. The total amount payable would be £189,050.93 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.
2 Year Base Rate Tracker Mortgage Standard Fee 1.71% Variable (BoEBR + 1.46%). The pay rate will not go below a floor of 1.71%. 4.74%
our current RMVR a variable rate for the remainder of the term
4.3% APRC 0.5% for 2 years 85% Application: No fee
Completion: £495
Find out more
The APRC is calculated based on the following: A repayment mortgage of £130,000 payable over 26 years 2 months on our variable tracker rate for 2 years at 1.46%% above BoEBR and then on our current RMVR variable rate of 4.74% (variable) would require 24 monthly payments of £515.37 and 289 monthly payments of £709.20 followed by a final payment of £421.08. The total amount payable would be £217,748.76 made up of the loan amount plus interest, Completion fee of £495, Chaps fee of £6 and Insurance charge of £10. The interest rates quoted include a 0.25% Direct Debit discount.

Once the fixed, discount or tracker period of the mortgage ends it will change to the Residential Mortgage Variable Rate (RMVR) or if you have a Buy to Let Mortgage, the Buy to Let Variable Rate (BMVR), which is a different interest rate to the Society's Residential Standard Variable Rate (RSVR), although both are set by the Society. For further details see our Skipton Variable Rates page.

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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