Redemptions

If your clients are taking out a new Skipton Building Society mortgage, we may be able to waive the Early Repayment Charge, as long as the following conditions are met:

• The new mortgage is completed at the same time the existing mortgage is repaid
• Your client must transfer their existing mortgage product to their new mortgage (this is known as 'exercising portability')
• The amount borrowed is not reduced. The early repayment charge is payable on the difference in borrowing if the mortgage is reduced
• If only one borrower named on an existing joint mortgage is requesting a new mortgage from us, just a proportion of the Early Repayment Charge will be waived. If the other borrower doesn’t want to exercise portability, they can transfer their entitlement in writing to the remaining borrower and the whole of the Early Repayment Charge will be waived.

The Early Repayment Charge may also be waived on a discretionary basis in the following circumstances:

• If a borrower has passed away
• If redemption takes place within the last month of their mortgage product term.

If you want us to consider waiving the Early Repayment Charge, then please forward us a scanned copy of your Early Repayment Charge waiver request on letter headed paper to redemptionstatements@skipton.co.uk. Or you can post it to:

Customer Delivery Repayments and Closures
Skipton Building Society
Principal Office
The Bailey
Skipton
BD23 1DN

The redemption statement is only valid up to the date requested, which must be within the same month. We cannot provide a redemption statement for a date outside of the current month. If a new date is required, please request a revised statement. Alternatively if it’s within the same month, you can add the daily rate as shown on the redemption statement.

Should the last day of the month occur on a non-business day, we will allow redemption on the first business day of the following month, by CHAPS or faster payment, using the previous month's figure.

Should your client wish to redeem the mortgage during the final month of their product term, they may be able to do so without Early Repayment Charge, provided the relevant month’s interest is paid in full. Please contact us at redemptionstatements@skipton.co.uk if you wish us to consider waiving an Early Repayment Charge.