Skipton Building Society mortgage rates fall

Date:Monday 27th October 2008

Some Skipton Building Society mortgage rates have dropped, the organisation has said.

The society said that all customers of its base rate tracker mortgage products have seen a fall of 0.5 per cent form October 23rd.

It added that this was in keeping with the conditions of the mortgage.

Skipton said that it has maintained its standard variable rate (SVR) and confirmed that it will not be passing on the full 0.5 per cent base rate cut to all of its savers.

It claimed that its SVR remained lower than those of Halifax, NatWest, Barclays and Lloyds TSB.

Steve Aldous, general manager of sales and marketing at Skipton, said that most borrowers on the SVRs of other lenders would pay more each month than Skipton customers.

Meanwhile, the Coventry Building Society has also said it is to cut its mortgage rates.

The change, details of which were not released, comes into effect today for new customers and on November 1st for existing borrowers.