Launched today, the products are available at 75% and 85% loan-to-value (LTV).
The 75% LTV product has an interest rate of 4.89%, while the 85% deal has a rate of 5.49%. Both products have fixed rates until 20/11/18, no product fees, free legal and valuations available for remortgages and overpayments of up to 10% a year allowed without penalty.
Skipton’s seven-year fixes follow last week’s launch of a 10-year fixed deal.
Kris Brewster, head of products at Skipton, said although base rate is expected to remain at its current historic low until well into next year, if not beyond, current low interest rates are not sustainable forever.
He said: “Therefore, we believe there is a place in the market for longer term fixed rates, for those borrowers who want to protect themselves against possible future fluctuations, expect to remain in their homes for a considerable time and prefer to know what their interest rates are going to be over a defined period of time.
“With five year-plus swap rates currently hovering close to all-time lows, we’re able to cater for these individuals by offering highly competitive rates, coupled with no product set up costs.”
