Skipton triggers "exceptional circumstances" clause
The clause only applies to contracts taken out since 2002 apparently.
Under its mortgage terms, Skipton guaranteed its standard variable rate (SVR) – the floating rate to which all deals revert – would never be more than three percentage points above the Bank of England base rate, currently 0.5pc. The society has decided it can no longer honour the guarantee and will be increasing its SVR from 3.5pc to 4.95pc.
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