A new two-year fixed-rate mortgage product has been unveiled by Skipton Building Society.
The organisation, which has around 779,000 members, will hold the rate of the 95 per cent loan-to-value product at 5.99 per cent until July 31st 2013, which may prove an attractive option for consumers looking to plan their finances carefully.
It marks a cut of 0.50 per cent on options currently available – something the body suggests is a sign of its efforts to help first-time property buyers – and allows customers to make maximum overpayments of ten per cent each year.
Kris Brewster, head of products for the society, said: "This demonstrates our commitment to helping borrowers in this segment and is the latest in a series of innovative solutions we have offered over the past 12 months."
He added the mortgage provides "a bid reduction" for customers in comparison to those made available previously.
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