Variable Rate
The rate is varied either at the discretion of the lender or in line with movements in an external rate (such as the Bank of England Base Rate). Like most lenders, Skipton has 'standard' variable rates which are varied at our discretion.
Interest rates when Skipton product deals end
The three main variable rates Skipton Building Society product deals move onto are either our Standard Variable Rate (SVR), a Base Rate Tracker (BRT), and our Mortgage Variable Rate (MVR). These rates may change by different amounts at different times. Which rate a borrower moves onto depends on when they applied for their product deal and will be shown on their mortgage offer. Details of the three rates, including the ceiling on the SVR (SVR Ceiling), appear in the table below.
Information correct as of 21 March 2024, our interest rates detailed below do not include any pending changes following a change to the Bank of England Base Rate that may have happened after this date.
Separate SVRs and MVRs exist for both Residential and for Buy to Let mortgages, and may change by different amounts at different times.
| SVR (Residential or Buy to Let) |
BRT (Residential or Buy to Let) |
MVR | ||
|---|---|---|---|---|
| Residential | Buy to Let | |||
| Current rate: | 6.50% (variable) Set by Skipton Building Society from time to time |
9.70% (variable) Tracks Bank of England Base Rate plus 4.45% |
6.79% (variable) | 6.79% (variable) |
| Set by Skipton Building Society from time to time | ||||
| Relates only to product deals applied for: | Before 30 December 2009 |
On or after 30 December 2009, but before 14 November 2012 |
On or after 14 November 2012 |
|
| Ceiling: | Guaranteed not to be more than 3% above Bank of England Base Rate unless exceptional circumstances apply (SVR Ceiling). The SVR ceiling currently applies. | The SVR ceiling does not apply on BRT products. | The SVR ceiling does not apply on MVR products. | |
Notes
- Rates quoted may be subject to any product ceilings or floors in place – any such ceilings or floors will be detailed in your client's mortgage offer. Floors will never be below 0%.
- Exceptional circumstances apply when either:
- the Base Rate is less than or equal to 2.7%, or
- the Base Rate minus the UK average Instant Access Savings Rate (as published by the Bank of England) is less or equal to 2.25% for each of the three preceding months.
Product deals on additional borrowing, porting and switching applied for on or after 14 November 2012
Additional borrowing
Additional borrowing applied for on or after 14 November 2012 moves onto MVR at the end of any product deal period, even if your client's existing product(s) are on, or will move onto, SVR or BRT. Their additional borrowing will not benefit from the SVR Ceiling.
Porting
If your client's existing product is on, or will move onto, SVR or BRT, any option to port that mortgage enables them to port the same rate to their new property, even after 14 November 2012 (subject to underwriting criteria). If, on or after 14 November 2012, they apply to port and take out additional borrowing above the balance of their existing mortgage, that additional borrowing will move onto MVR at the end of any product deal period. This additional borrowing will not benefit from the SVR Ceiling.
Rate Switch
Since 14 November 2012 Skipton borrowers can only switch to a product which moves onto MVR at the end of any product deal period. If their existing product is on, or will move onto, SVR or BRT and they switch, they will not be able to switch back later to SVR or BRT. The new product will not benefit from the SVR ceiling.
Historical Interest Rate Information
LIBOR has ceased to be used following regulatory changes. Our LIBOR mortgages will change to a variable rate linked to the Bank of England Base rate plus Credit adjustment spread. Affected borrowers have been personally notified of the change and when it will take effect for them.
Changes to the Base Rate can be viewed on the Bank of England's official bank rate history page.