Variable Mortgage Rates

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 19 December 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.

Standard Variable Rate (SVR)
Current rate

Residential or Buy to let: 6.50% (variable)

Set by Skipton Building Society from time to time

Relates only to product deals appliedbefore 30 December 2009
CeilingGuaranteed not to be more than 3% above Bank of England Base Rate unless exceptional circumstances apply (SVR Ceiling). The SVR ceiling currently applies.
Base Rate Tracker (BRT)
Current rate

Residential or Buy to let: 9.20% (variable)

Tracks Bank of England Base Rate +4.45%

Relates only to product deals appliedOn or after 30 December 2009, and before 14 November 2012
CeilingThe SVR ceiling does not apply.
Mortgage Variable Rate (MVR)
Current rate

Residential: 6.79% (variable)

Buy to Let: 6.79% (variable)

Set by Skipton Building Society from time to time

Relates only to product deals appliedOn or after 14 November 2012
CeilingThe SVR ceiling does not apply.

Notes

  1. 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%.
  2. 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.
Exceptional Circumstances

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.