Skipton Building Society has launched two five-year fixed-rate mortgages. The products aim to accommodate anticipated changes in financial circumstances as interest rates on the “Stepping up” and “Stepping Down” loans change annually. In the case of Stepping Up, the starting out rate is a low 5.39%, rising to 6.99% by 2013 for borrowers signing up this year. The average annual rate works out at 6.19%.

Full story: financemarkets.co.uk