Fixed Rate Mortgage for Additional Borrowing


5 Year Fixed Rate Additional Borrowing Mortgage (75% LTV)

Our 5 Year Fixed Rate Mortgage for Additional Borrowing is available up to 75% LTV (total borrowing) which means your additional borrowing, plus your existing mortgage balance must not exceed 75% of the value of your 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Please be aware our mortgage products can be withdrawn without notice.

Initial interest Rate 3.24% Fixed until 31/05/2023
For the remainder of the term of the mortgage, changing to our RMVR currently 4.74% variable
The overall cost for comparison is 4.1% APRC
Early repayment charge [2] 5% until 31 May 2019,
5% until 31 May 2020,
4% until 31 May 2021,
3% until 31 May 2022,
2% until 31 May 2023
Overpayments allowed (without an early repayment charge) [3] Yes, up to 10% of original loan each year until 31 May 2023
Application fee [4] £0
Completion fee [4] £0
Notes This product may be portable.
The APRC is calculated based on the following: A repayment mortgage of £25,000 payable over 19 years 8 months initially on a rate fixed until 31/05/2023 at 3.24% and then our RMVR variable rate currently 4.74% for the remaining term would require 60 monthly payments of £143.21 and 175 monthly payments of £158.12 followed by a final payment of £129.90. The total amount payable would be £36,393.50 made up of the loan amount plus interest, CHAPS fee of £6. The interest rates quoted include a 0.25% Direct Debit discount.
  1. 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.
  2. Where no Early Repayment Charge (ERC) applies or the ERC period has expired, unlimited overpayments can be made.
  3. The 10% overpayment allowance is per annum and cannot be rolled over. For full details please see your Mortgage Illustration and mortgage offer.
  4. Fees payable at application are non-refundable. Completion fees paid up front are refundable if completion does not take place.
  5. 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.
  6. Applications for additional borrowing will only be considered from 6 months after completion of the original mortgage application.
  7. The products shown are those available from Skipton through our Skipton Direct team. These Skipton mortgages may be able to be ported when purchasing a new property.
  8. 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 will be removed.
  9. All mortgages are subject to status and valuation.
  10. 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%.
  11. Certain other fees may apply depending upon your circumstances. See our Tariff of Mortgage Charges.
  12. Our residential mortgage products are only available as repayment mortgages unless stated otherwise in the product detail. This means that you will pay back capital as well as interest over the term of the mortgage.

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.


Call us

Alternatively, you can speak to a member of our mortgage team by telephone who will be happy to give you more details about this mortgage and the application process over the phone.

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Phone Call Skipton Direct 0345 850 1755

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