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Tracker mortgage deal kicks off

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Skipton Building Society has launched a new tracker mortgage that will offer an initial mortgage rate of 4.99 per cent.

The Base Rate Tracker Extra will have its mortgage rate set at 0.49 per cent above the Bank of England base rate for the full mortgage term.

No application or completion fees or early repayment charges will apply to the mortgage deal.

Jennifer Holloway, the head of media relations at the mortgage lender, said this mortgage offering is a win-win product for any customer looking to find a mortgage.

She says mortgage borrowers win through the fact that no fees apply to the mortgage and borrowers receive �150 cashback.

Mortgage borrowers also win if the base rate is reduced as monthly payments are lowered, Ms Holloway explains, adding that the absence of early repayment charges and penalties is a further benefit to mortgage holders.

We believe the simplicity of this mortgage is what will make it so attractive to borrowers, she concludes.

A maximum loan-to-value of 95 per cent is available, with remortgage customers receiving free legal fees and valuations on residential property .

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