New 3 year fixed rate mortgage relaunched by Skipton.
Previously the Skipton Building Society withdrew its 3 year fixed rate mortgage deals, stating the reason as 'a growing and disproportionate increase in daily case volume.'
In addition to its 3 year fixed rate mortgage deals, the lender also pulled its 2 year fixed rate mortgage for 60 and 75 per cent LTV, a 2 year tracker mortgage for 60 per cent LTV and a 5 year fixed rate mortgage for 75 per cent LTV.
After the withdrawal Skipton issued a statement advising that while they constantly strive to remain competitive, their limited resources and small share of the intermediary market, sometimes makes it necessary to adjust their product range to ensure the correct balance of business.
The lender advised that the withdrawn 3 and 5 year fixed rate mortgage products would be re-launched at a later date. True to their word, in early February the lender relaunched their 3 year fixed mortgage rate for 75 per cent LTV at 5.59 per cent with £995 fees and 3.79 per cent fee-free. A new 5 year fixed deal is also offered for 75 per cent LTV at 3.99 per cent with £995 fees.
Kris Brewster, head of products at Skipton, said the lender recognises that in times of economic uncertainty some borrowers want the certainty of knowing what their mortgage repayments will be over a long period. The lender hopes their new 5 and 3 year fixed rate mortgage product range would help cater to borrowers longer term needs.
