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Fixed rate mortgage interest rates drop

Date: Wed, 10 August 04 Analysis

Today the entire fixed rate mortgage range at the Skipton Building Society has been re-launched - with lower interest rates.

The society's customers can now choose between two, three and five year fixed rate deals - starting at just 4.99 per cent.

"Although the Bank of England held interest rates at 4.75 per cent last week, it is widely predicted that we will soon see a further rise to five per cent. For those on tight budgets, any increase in repayments can make a difference and so getting a fixed rate mortgage offers peace of mind," said Jennifer Holloway, head of media relations at Skipton Building Society.

The two-year fix is set at 4.99 per cent, before reverting to the society's residential standard variable rate - which is currently standing at 6.09 per cent.

The three and five-year fixes have interest rates fixed at 5.19 and 5.29 per cent respectively.

All these deals are available at loan to value rates of as much as 95 per cent, as well as offering free legal fees and valuations for all residential remortgages.

However, there is a £100 application fee and a £299 completion fee on the mortgages.

There are early repayment charges in force for the duration of the fix, these stand at three per cent on the two-year fix and five per cent on the three and five-year fixes. Although capital repayments of up to ten per cent of the original loan are allowed each year, without charge, within early repayment charge period.

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.