Product deals on additional borrowing, porting and switching applied for on, or after 14 November 2012
– 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.