Skipton Variable Rates

The three main variable rates our product deals move onto are either our Mortgage Variable Rate (MVR), a Standard Variable Rate (SVR), or our Base Rate Tracker (BRT). These rates may change by different amounts at different times.

Before you take out your mortgage, it’s important to understand the whole cost including which rate your mortgage will move onto when your current deal ends.

There may be a difference between your current rate and MVR, SVR or BRT, meaning your monthly payments could increase when your current deal ends. If you’re unsure about whether your product deal moves onto our MVR, SVR or BRT at the end of your initial deal period, you can find this information in your mortgage offer.

Keeping an eye on these rates will help you to stay informed and prepare for any potential changes to your payments.

Variable Rate

"Variable" simply means the rate can go up or down at any time. However, sometimes variable rate mortgages may be subject to a "floor" (below which the rate can never fall), or a "ceiling" (which the rate cannot go above).

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). Most lenders have "standard" variable rates, which are varied at their discretion.

Interest rates when Skipton product deals end

Which rate you move onto depends on when you applied for your product deal and the details of which will be shown on your mortgage offer. Details of the three rates, including a ceiling on the SVR (SVR Ceiling), appear in the table below. Information correct as of 7 November 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.

• Rates quoted may be subject to any product ceilings or floors in place – any such ceilings or floors will be detailed in your 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. As neither of these tests are satisfied, the circumstances are no longer exceptional.

Product deals on additional borrowing, porting and switching applied for on, or after 14 November 2012

Additional borrowing – where you borrow more money on top of your existing mortgage.

Additional borrowing applied for on or after 14 November 2012 moves onto MVR at the end of any product deal period, even if your existing product(s) are on, or will move onto, SVR or BRT. Your additional borrowing will not benefit from the SVR Ceiling.

Porting – where you move house and transfer your existing mortgage product to the new property.

If your existing product is on, or will move onto, SVR or BRT, any option to port that mortgage enables you to port the same rate to your new property, even after 14 November 2012 (subject to underwriting criteria). If, on or after 14 November 2012, you apply to port and take out additional borrowing above the balance of your 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 – where you move your mortgage from one Skipton product to another.

Since 14 November 2012 you can only switch to a product which moves onto MVR at the end of any product deal period. If your existing product is on, or will move onto, SVR or BRT and you switch, you will not be able to switch back later to SVR or BRT. The new product will not benefit from the SVR ceiling.

If you have any questions about this and how it relates to your mortgage, please contact us on 0345 850 1755.

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.
• If your mortgage rate tracks the Bank of England Base Rate (typically referred to as Base Rate Trackers) you can view changes to the Base Rate by visiting the Bank of England's official bank rate history page.