BBC News
Launch consoleBBC NEWS CHANNEL
Page last updated at 13:09 GMT, Saturday, 23 January 2010

Skipton raises rates

Nearly 30,000 people with a mortgage from Skipton Building Society could see their repayments rise by 40% from 1 March.

Skipton say extreme market conditions have forced it to withdraw a commitment that its standard variable rate would never be more than 3% above the Bank of England base rate.

From 1 March it will rise to 4.95% which could mean a monthly increase of £121 for someone with a £100,000 loan.

We hear from Skipton's Chief Executive David Cutter.

This item was first broadcast on Radio 4's Money Box on Saturday, 23 January 2009

Story Tools

banner watch listen bbc sport Americas Africa Europe Middle East South Asia Asia Pacific