Skipton relaunches fixed rate mortgage range

Skipton Building Society has relaunched its range of 2 year, 3 year, 5 year, 7 year and 10 year fixed rate mortgages, with its popular 7 year option remaining a market leader.

On this product, borrowers could make initial monthly payments of only £592 on a £100,000 repayment mortgage.

Colin Dale, head of lending at Skipton Building Society, commented, “No matter what the Bank of England’s base rate is doing, the majority of borrowers are still looking to secure their rate by choosing a fixed rate mortgage. They are particularly popular with first time buyers or couples with young families who have to keep a tight rein on their finances. At 5.09%, our 2 Year Fixed Rate Mortgage is particularly attractively priced, as are the 7 year and the 10 year options for borrowers who would like to freeze repayments for much longer.”

Key features – Fixed Rate Mortgage Range

2 Year Fixed Rate Mortgage (direct only) – fixed at 5.09% to 31 January 2009 for loans up to 95% LTV

3 Year Fixed Rate Mortgage – fixed at 5.29% to 31 January 2010 for loans up to 75% LTV

3 Year Fixed Rate Mortgage – fixed at 5.39% to 31 January 2010 for loans up to 95% LTV

5 Year Fixed Rate Mortgage – fixed at 5.29% to 31 January 2012 for loans up to 75% LTV

5 Year Fixed Rate Mortgage – fixed at 5.39% to 31 January 2012 for loans up to 95% LTV

7 Year Fixed Rate Mortgage – fixed at 5.14% to 31 January 2014 for loans up to 75% LTV

7 Year Fixed Rate Mortgage – fixed at 5.24% to 31 January 2014 for loans up to 75% LTV

10 Year Fixed Rate Mortgage – fixed at 5.14% to 31 January 2017 for loans up to 75% LTV

10 Year Fixed Rate Mortgage – fixed at 5.24% to 31 January 2017 for loans up to 95% LTV

All revert to the Society’s residential SVR – currently 6.39% – after fixed rate period

Higher Lending Charge applicable for customers taking out loans between 90% - 95% LTV

Free legal fees (through Skipton Home Conveyancing Service) and free valuation on all residential remortgage cases

Flexible benefits – daily interest, overpayments and payment holidays

Capital repayments of up to 10% of the original loan allowed each year, without charge, within fixed rate period

Early repayment charges:

2 Year Fixed Rate Mortgage – 3% to 31 January 2009

3 Year Fixed Rate Mortgage – 5% to 31 January 2008, 4% to 31 January 2009 and 3% to 31 January 2010

5 Year Fixed Rate Mortgage – 5% to 31 January 2008 4% to 31 January 2009 and 3% to 31 January 2012

7 Year Fixed Rate Mortgage – 5% to 31 January 2008, 4% to 31 January 2009, 3% to 31 January 2012 and 2% to 31 January 2014

10 Year Fixed Rate Mortgage – 5% to 31 January 2009, 4% to 31 January 2011, 3% to 31 January 2013, 2% to 31 January 2015 and 1% to 31 January 2017

No application fee on any product

£499 completion fee for the 2 year, 3 year, 5 year and 10 year fixed rate mortgages

There are two options for the 7 Year Fixed Rate Mortgage up to 75% LTV; the first option fixed at 5.14% with a completion fee of £799 and the second option fixed at 5.24% with a completion fee of £499

All completion fees can be added to the loan

The 2 year fixed rate mortgage is only available direct from Skipton so interested customers should call 08457 171777 or visit their local branch for further information.

Payday Lenders Move Online, Try to Bypass State Laws

Consumer advocates have long campaigned against financial companies offering payday loans, car title loans, and other loans targeted to low-income or poor-credit consumers. While these outfits were once limited to shabby storefronts, they've now moved into cyberspace, exploiting anyone who has access to a computer.

A number of states have passed laws trying to regulate payday lenders, who charge their customers exorbitant interest rates, by forbidding them from doing business in their states. The online lenders, however, seek out clever loopholes.

"All aspects and transactions on this site will be deemed to have taken place in our office in the State of Delaware, regardless of where you may be viewing or accessing this site," reads the disclosure language on APPLE Fast Cash Personal Loans' Web site. "Borrower is responsible for complying with any local statutory obligations that may exist in their state or area with respect to any transactions with APPLE Fast Cash Personal Loans."

Recently West Virginia Attorney General McGraw filed suit to enforce investigative subpoenas against 14 Internet payday lenders and to enjoin their usurious lending activities in his state.

McGraw also announced that his office has reached formal settlement agreements with 18 other Internet payday lenders in which they promised to permanently discontinue their payday loans here and to refund all unlawful fees and charges collected from West Virginia consumers. McGraw said the latter agreement will result in tens of thousands of refunds and canceled debts for hundreds of West Virginia consumers.

McGraw said the 14 Internet lenders made "payday loans" to consumers in their homes via interactive web sites and have claimed that states, including West Virginia, cannot regulate their lending activities. The state, he says, sees it differently. The defendants require payment of interest with Annual Percent Rates ("APR") ranging from 600 to 800 percent APR. The State of West Virginia has a maximum allowable rate of 18 percent APR for consumer loans.

Mortgage fraud trial goes to the jury

By John Surratt
The federal mortgage flipping case against Richard Lucas, Kimberly A. Castle and Kenneth Stalnaker has gone to the jury.

The three are accused of buying distressed property at low prices, getting inflated appraisals to get high mortgage loans and then pocketing the proceeds. Lucas and Castle, his attorney, also are charged with money laundering by buying property to continue the alleged scheme.

U.S. District Judge Keith Starrett turned the case over to the jury late this afternoon after attorneys for both sides completed closing arguments.

Starrett later recessed court until 9 a.m. Wednesday, when deliberations are expected to resume.

During closing arguments, government prosecutors used documents and testimony from witnesses to link the pieces of the complex case to show how Lucas, Castle and Stalnaker worked together to make money off the alleged mortgage fraud scheme.

Attorneys for Lucas continued to paint him as a businessman with a good idea who was deceived by a mortgage company, while John Colette, Castle’s attorney, and Jim Davis, Stalnaker’s attorney, each tried to disassociate their clients from the government’s charges of conspiracy.

Colette and Davis told jurors that their clients were only guilty of doing their jobs and did not benefit from the supposedly large sums of money that Lucas and other associates allegedly received.