Skipton removes SVR for new broker business

  • Story by: Sharon Flaherty
  • Magazine: FTAdviser
  • Published Friday , May 16, 2008

Skipton Building Society has removed its standard variable rate (SVR) for new broker business, effective immediately.

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The lender said that it has removed its SVR from mortgage broker sourcing systems because of the significant surge in demand it has experienced recently.

According to a spokesman for the building society, broker sourcing systems were rating Skipton in the top five for some of its mortgage products and this had triggered excessive demand.

"It led to us doing a lot more business," the spokesman said.

The SVR is now only available direct from Skipton branches.

The spokesman said he was unable to confirm, however, when the SVR for new business would be brought back.