2 Year Base Rate Tracker Mortgage 

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

2 Year Base Rate Tracker Mortgage (90% LTV) Standard fee for Purchases & Remortgages

Our 2 Year Base Rate Tracker Mortgage is available up to 90% LTV. This mortgage is available to customers purchasing a property or remortgaging an existing property.

Please be aware our mortgage products can be withdrawn without notice.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 £500,000 (see Important Notes).

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

Initial interest Rate 2.34% Variable (BoEBR + 1.59%) for 2 years from completion. The pay rate will not go below a floor of 2.34%.
Then changing to 3.99% (variable), our current RMVR of 4.99% discounted by 1.0%, until 5 years after your mortgage start date.
For the remainder of the term of the mortgage, changing to our Residential Mortgage Variable Rate (RMVR) currently 4.99% variable
The overall cost for comparison is 4.5% APRC
Early repayment charge [2] None
Overpayments allowed (without an early repayment charge) [3] Yes, unlimited overpayments allowed.
Application fee [4] £0
Completion fee [4] £995
Notes This product may be portable and is available for purchases and remortgages with no charge for mortgage valuation. Free standard legal fees for remortgages.
The APRC is calculated based on the following: A repayment mortgage of £275,000 payable over 29 years 3 months on our variable tracker rate for 2 years at 2.34% and then 3.99% until 60 months from the date of completion followed by our RMVR, currently 4.99%. This mortgage would require 24 monthly payments of £1,085.56 and 36 monthly payments of £1,316.64 and 290 monthly payments of £1,454.61 followed by a final payment of £644.72. The total amount payable would be £495,934.10 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, you can call them on 0345 850 1755.
  2. Where no Early Repayment Charge (ERC) applies or the ERC period has expired, unlimited overpayments can be made.
  3. Where applicable, the 10% overpayment allowance is per annum and cannot be rolled over. For full details please see your Mortgage Illustration/offer.
  4. Any fees payable at application are non-refundable.
  5. Please note, where separate interest rates apply for different Loan to Values (LTVs), a change in the property 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 million. For further information please visit our Remortgage Conveyancing Service page.
  7. We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million. This is for mortgage purposes only and is limited to one application per applicant(s). Should you require a Homebuyers Report or a Building Survey you will need to arrange and pay for this separately. For further information please visit our Valuing Your Property 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 will be removed.
  10. All mortgages are subject to lending criteria, valuation and underwriter approval. You must be 18 or over to apply for a mortgage.
  11. A floor applies to all discounted and tracker products. If a floor is not shown for a particular product, the floor is 0% i.e. no pay rate will ever be less than 0%.
  12. Certain other fees may apply after the mortgage is taken out 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 accommodate 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 plenty of extra 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. Some products may allow unlimited overpayments.
  • 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 can't decide which product is best for you, or 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.
  • We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million.
  • Free standard legal costs for some products if you're remortgaging.
  • Cashback following completion for some products if you're remortgaging
  • Portability - Your mortgage product may be portable. This means that subject to lending criteria, you may be able to transfer the mortgage balance to a new property with Skipton without paying an ERC (unless you are reducing your balance). Your original mortgage terms will remain.
  • Personal Adviser - you will receive your own dedicated mortgage adviser to offer help, information and advice. Buy-to-let applicants will receive all the help and information they need to make a decision about their mortgage.
  • Protection - we can provide both buildings and contents insurance to protect your home and its contents. 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, Loan to Value and other lending criteria.
Apply

Start your application

You will need a Decision in Principle (DIP)

It only takes 10 minutes

Takes under 10 minutes

Provide us with your details and we'll quickly let you know how much you could potentially borrow.

It lasts for 30 days

It lasts for 30 days

You'll have 30 days to submit a full mortgage application without having to repeat the DIP.

It doesn't affect your credit rating

It doesn't affect your credit rating

We will carry out a 'soft' credit check which won't affect your credit score

What you'll need to know:


Your income:

  • Salary
  • Bonuses
  • Overtime
  • Benefits
  • If you’re self-employed - last 2 years of accounts or Accountant's Certificate and net profit
  • For limited companies - amount of dividends and remuneration
  • If you’re a contractor please quote your annual salary as your daily rate x 5 x 48 weeks as employed income, rather than self-employed income.

Your outgoings:

  • Loans
  • Credit Cards
  • Existing mortgage payments
  • Spending

How to get a DIP online

To get started you'll need to check your affordability using our affordability calculator and then request a Decision in Principle (DIP). This is done in two easy stages:

  1. The affordability calculator works out how much you might be able to afford to pay back on your mortgage based on your income and outgoings.
  2. If you've already got your affordability calculation, follow the instructions within your email. You can access it for 30 days before having to start again.

  3. We use the information you supplied for the affordability calculator and ask for some additional information to complete your DIP.

If you don’t complete both stages in one sitting, at the end of your affordability calculation we’ll send you details via email to allow you to complete your DIP within 30 days. Make sure you provide your email address and mobile number to be able to start from where you left off.

Launch Affordability Calculator

Need help? Chat to us via webchat or call us on 0345 607 9852

Important information: We will use the information obtained from the credit check to undertake an automated assessment of your ability to afford the mortgage. Where we assess it is not affordable, your application may be rejected without being manually assessed by the Society. If the information you provide in the Affordability Calculator indicates that we might be able to lend to you, we will then carry out a soft credit check.

Need help?

Phone Call Skipton Direct 0345 850 1755

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