Variable Rate

The rate is varied either at the discretion of the lender or in line with movement in a market rate (such as the Bank of England Base Rate).

Like most lenders, Skipton have "standard" or "base" variable rates, which are varied at their 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. The rates shown in this table were last set 2 August 2018.

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: 4.95% (variable)
Set by Skipton Building Society from
time to time
5.20% (variable)
Tracks Bank of England Base Rate plus 4.45%
4.99% (variable) 5.19% (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 does not apply due to exceptional circumstances, but will be reinstated voluntarily if exceptional circumstance cease. None

If the SVR Ceiling is reinstated, it will not apply to BRT products.
None

If the SVR Ceiling is reinstated, it will not apply to MVR products.

Notes

  1. Rates quoted currently include a Direct Debit discount of 0.25%. Where payments are not made by Direct Debit, the rate will be 0.25% higher.

  2. 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.

  3. 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. The circumstances will remain exceptional for as long as either one of these tests continue to be satisfied.

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, if it is reinstated.

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, if it is reinstated.

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, if it is reinstated.

Historical Interest Rate Information

Some of our mortgage rates track external rates. These are the Bank of England's Base Rate and UK Sterling 3-month LIBOR. Typically, customer rates are set at a fixed percentage above the stated external rate, which will be detailed in your client's mortgage offer. Find out about current and historic reference rates here.