Skipton Building Society has re-launched its US Dollar Libor Tracker. The interest rate is benchmarked against the three-month US Dollar Libor Rate (USDL) ‘ which has a historically lower rate than UK sterling three-month Libor ‘ for the first five years. The loan is repayable by the borrower in sterling, avoiding the complication of dealing in a foreign currency.
Jennifer Holloway, head of corporate communications, said: ‘By tracking US dollar Libor rates, we can pass on the benefit of a rate, which has remained historically lower than that in the UK, directly to our customers without any currency risk. With an attractive rate of interest, and free legal fees for all remortgages, this loan offers a straightforward alternative to borrowers.’