Skipton Building Society has extended its product switch window from three to six months before maturity.
The change is effective from today, 20 September.
The lender explained that with rising mortgage rates, increased inflation and energy price increases, customers were concerned about their household finances.
Consequently, the lender said that there was a greater “desire to lock in follow-on rates than ever before”.
The change will give brokers and customers more flexibility.
Lending and extending
Lenders have been extending their rate switch windows in recent months, with Barclays nearly doubling its rate switch window from 90 days to 150 days earlier this month.
Brokers said that they were broadly supportive of longer rate switch windows as it gave consumers more choice and increased flexibility, and also improved lender’s client retention.
However, they said that getting financial advice was crucial for consumers and urged customers to engage a broker early in the process.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
