Skipton...have they really done that?

Posted on 21 January 2010 by Drew

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The big news today is that the Skipton Building Society has increased its Standard Variable Rate from 3.5% to a staggering 4.95%, at the same time breaking contracts with thousands of their borrowers.  They had promised never to have an SVR that was more than 3% above bank rate ( currently 0.5%) so they have driven a coach and horses through that one.  Borrowers with a Skipton mortgage should get in contact soon and see what their options are.  Moving away form Skipton is likely to be top of the tree...

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