Skipton's 7 year fixed rate mortgage is re-priced.

Skipton recently announced that it is having to withdraw its 7 year fixed rate mortgage due to high volume of demand for the product.

The lender advises that a 7 year fix will still be on offer but the new deal released will be at a slightly higher rate.

Skipton's original 7 year fixed rate was offered at 3.99% for up to 75% loan to value, however the lender has been inundated with applications and has therefore had to withdraw the product to manage demand.

Skipton say that within two weeks of its launch the fixed tranche of funding allocated to the mortgage was completely used up.

This has come as no surprise to many in the market as longer term fixed rate mortgage deals are now extremely popular.

The lender advises that while it has had to withdraw it's 3.99% offer, it is hoping that the introduction a similar deal will prove equally popular with home buyers.

A 7 year fix is now offered at 4.29% for up to 75% loan to value. This newly re-priced deal has mortgage fees of £995 but comes with a fee free property valuation and free legal work. Overpayments of up to 10% are allowed each year without penalty.

For 85% loan to value the lender's rate remains unchanged at 4.89% and a 10 year fix is available at 4.49% for 75% loan to value.

A spokesperson for Skipton has said that the lender has seen there is demand for longer term fixed rates from those buyers looking for longer term security.

If you are looking for a longer term cheap fixed rate mortgage you are advised to call Deal Direct and one of our advisers will source a competitive offer for you.

Contact Deal Direct today for a cheap mortgage quote.