2 Year Fixed Rate Mortgage

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

    2 Year Fixed Rate Mortgage (60% LTV) Standard fee for Remortgages

    Our 2 Year Fixed Rate Mortgage is available up to 60% LTV. This mortgage is only available to customers remortgaging an existing 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    Please be aware our mortgage products can be withdrawn without notice.

    The minimum property value allowed on this mortgage is £50,000, the maximum loan size permitted is £1,000,000 (see Important Notes).

    The interest rates quoted include a 0.25% Direct Debit discount.

    Initial interest Rate 1.59% Fixed until 31/08/2020
    For the remainder of the term of the mortgage, changing to our RMVR currently 4.99% variable
    The overall cost for comparison is 4.2% APRC
    Early repayment charge [2] 2% until 31 August 2019,
    then
    1% until 31 August 2020
    Overpayments allowed (without an early repayment charge) [3] Yes, up to 10% of original loan each year until 31 August 2020
    Application fee [4] £0
    Completion fee [4] £995
    Notes This product may be portable. Includes a free standard valuation and standard legal fees for remortgages. (Not available for additional borrowing applications)
    The APRC is calculated based on the following: A repayment mortgage of £225,000 payable over 20 years 5 months initially on a rate fixed until 31/08/2020 at 1.59% and then our RMVR variable rate currently 4.99% for the remaining term would require 24 monthly payments of £1,079.83 and 220 monthly payments of £1,403.34 followed by a final payment of £972.33. The total amount payable would be £335,623.05 made up of the loan amount plus interest, Completion fee of £995, CHAPS fee of £6. The interest rates quoted include a 0.25% Direct Debit discount.
    1. The maximum loan size available may vary subject to other lending criteria (as well as affordability), which will be assessed during your application. Further information is available from our mortgage team. For BTL, we do not currently lend to applicants who have not had a mortgage before.
    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.
    5. Please note, where separate interest rates apply for different Loan to Values (LTVs), a change in your valuation or loan required may mean you are ineligible for the rate you originally applied for. In this instance you will be advised of the change and asked if you still wish to proceed with your application.
    6. For mortgages that include free standard legal fees there may be some additional legal costs payable where the remortgage is above £1,000,000.
    7. For mortgages that include a free standard valuation, this is available on properties valued up to £1,500,000. If you require a Homebuyers Report or Buildings Survey, then the additional cost associated with this report will be incurred by you. These incentives are available to a maximum of one application per applicant(s). For further information please visit our Remortgage Conveyancing Service page.
    8. The product shown is available from Skipton through our Skipton Direct team. There may be other products available through intermediaries.
    9. 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 is removed.
    10. All mortgages are subject to status and valuation. You must be 18 or over to apply for a mortgage.
    11. 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%.
    12. Certain other fees may apply depending upon your circumstances. See our Tariff of Mortgage Charges
    13. 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.

    More Details

    Benefits of a Skipton Mortgage

    When you take out a mortgage, you might appreciate some support on your journey. For this reason, we provide the following benefits.

    • Daily interest - by calculating the interest you pay on a daily basis, we may be able to help you save thousands of pounds over the life of your mortgage.
    • Overpayments up to 10% per year without charge even if there is an Early Repayment Charge (ERC) – this option could allow you to pay your mortgage off earlier than planned, potentially saving you thousands of pounds in interest.
    • Payment holidays - if you've made overpayments and are eligible, we offer payment holidays, giving you a break from mortgage payments for up to three consecutive months.
    • Mix and match - If you'd like a combination of products, your mortgage adviser may be able to recommend a combination of products to suit your personal requirements. In such cases, the highest product fee of those chosen will apply.
    • One free standard valuation up to a maximum purchase price/estimated valuation/ultimate valuation of £1,500,000. See product specification for details.
    • Free standard legal costs for some products if you're remortgaging.
    • Cashback following completion for some products.
    • Portability - your product may be portable, meaning you may be able to move your mortgage deal with you (subject to lending criteria) if you choose to move house, without paying an ERC unless you are reducing the balance.
    • Personal Adviser - you will receive your own dedicated mortgage adviser to offer help, information and advice.
    • Protection - we offer buildings insurance to protect your home and its contents as well as cover such as Critical Illness Cover through Legal and General. Buildings insurance can only be put in place for properties which are complete. For new builds, you may need to have 'property in the course of construction' insurance in place from exchange of contracts. Your conveyancer will advise you if this is the case.
    • Additional borrowing – if you want to increase your mortgage in the future, we offer the option of additional borrowing, subject to affordability, LTV and other lending criteria.
    Apply

    Start your application

    You can start your application by obtaining a Decision in Principle (DIP) which takes around 30 minutes to complete, once you have the relevant information to hand.

    • You will need your salary and employment details/2 years’ worth of accounts or an accountant's certificate if you are self employed
    • details of your existing mortgage(s), if you already have one
    • details of your current financial commitments and loans

    We will ask you for specific information about your income and outgoings, following which we will provide you with a decision about the amount of loan which could be available to you and whether we will be able to provide you with a mortgage. The DIP is not a cost quotation for a particular mortgage product but an indicator of how much we would be prepared to lend you. A more detailed quotation will be provided to you in the form of a Mortgage Illustration later in the application process.

    Once you have this initial lending decision, our mortgage team will book a telephone or video appointment with a qualified Mortgage Adviser. They will advise you on products which are most suitable for you and assist you in making a full mortgage application.

    Please note, an application for a DIP involves the Society carrying out a credit check on you. This will leave a credit footprint which may affect your credit rating.

    Decison in Principle - Important Notes

    • Applicant(s) must be at least 18 years of age and must be a UK resident or EEA citizen or have indefinite leave to remain.
    • The property must be in the UK. (NB Currently we do not lend in Northern Ireland)

    Call us

    You can speak to one of our mortgage team by telephone or video using Skipton Link who will be happy to give you more details about this mortgage and the application process and carry out a DIP.

    Call Skipton Direct

    Mon - Thurs:
    8am - 8pm
    Friday:
    8am - 5:30pm
    Saturday:
    9am - 12pm

    Phone0345 850 1755

    Need help?

    Phone Call Skipton Direct 0345 850 1755

    Mon-Thurs
    8am - 8pm
    Fri
    8am - 5.30pm
    Sat
    9am - 12pm
    Further contact info
    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

    *To help maintain service and quality, some telephone calls may be recorded and monitored.

    Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.

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