The Skipton Building Society has released an intermediary update. For full details see their latest product information here. All Skipton products are accessible through our direct to lender mortgage club with payment on completion. Contact us for details.
Skipton Announcement
Product Withdrawal
From 10pm tonight, we will be temporarily withdrawing all our 2 Year Residential & Buy to Let Base Rate Tracker products, with the exception of those in the Existing Customers Only range.
With rising mortgage rates, increased inflation and the latest energy prices, customers are understandably concerned about household finances. As a result, we’ve seen an increased desire to lock in follow on rates earlier than ever before.
With that in mind, customers can now secure their next deal with us up to 6 months ahead of maturity.
A lender that puts you and your clients first is best. That’s why we’re proud to now be able to offer this. Mortgages made easier by our award-winning team.
Today the Bank of England’s Monetary Policy Committee (MPC) announced a 0.50% increase to the base rate. The Bank of England Base Rate now stands at 2.25%. As a result of this announcement, we can now confirm the following:
All customers who have existing mortgages which track the Bank of England Base Rate will see their account interest rate change (subject to any product rate cap) in line with their terms and conditions. For most Base Rate Tracker products, rates will be increased no later than 14 days from today, Thursday 22 September 2022.
Due to the timing of the MPC meeting this month, the change to the customers’ payments will not be processed in time for the 1st October and customers will be notified shortly of the new payment amount taking effect from 1st November.
Our existing Base Rate Tracker products will be withdrawn 10pm Monday 26 September 2022 and replaced from Tuesday 27 September 2022 reflecting the Bank of England Base Rate increase.