Chelsea 0207 228 2020

Knightsbridge 0207 095 0930

Skipton Action Group


If so, you may be affected by Skipton’s latest announcement which could cost you a substantial additional amount on your monthly mortgage.

Pursuant to the terms of its Standard Variable Rate (SVR) mortgages, Skipton guaranteed tens of thousands of borrowers that the SVR would never be more than 3% points above the Bank of England base rate.

According to the latest reports Skipton have indicated that they will not honour the guaranteed 3% rate above base rate and will be increasing its SVR to 4.95%. The claim is that the economic downturn and the credit crunch have triggered the “exceptional circumstances” clause which is written into its SVR mortgages.

These “exceptional circumstances” clauses are normally submitted into contracts to ensure that the Lender has an element of control if things turn bad. However such clauses can fall foul of the Unfair Terms in Consumer Contracts Regulations 1999.

In Skipton’s case some affected borrowers, with 20% deposits and more, may decide to switch mortgages as there are better deals to be found.

Those borrowers who cannot switch mortgages will be exposed to significant increases in their interest payments despite taking out an SVR for added protection against such rises in the interest rate.

We are currently investigating the legality of Skiptons decision to not honour the Guaranteed rate and whether the downturn in the economy would warrant a trigger of the “exceptional circumstances” clause pursuant to the terms of the mortgage contracts. Furthermore we are investigating borrowers rights regarding these clauses pursuant to the Unfair Terms in Consumer Contracts Regulations 1999 with a view to establishing whether borrowers have a claim against Skipton. We have now set up the Skipton Action Group (‘the Action Group’). There are 64,000 mortgage holders who could derive a benefit from becoming members of the Action Group

At present we have been carrying out all work on this matter at the sole cost to our practice. In order for us to investigate the matter fully we would like to raise funds to enable us to carry out further research and to grow the numbers in the Action Group with a view to lodging a claim. The aim of the Claim against Skipton is:

In the meantime we will keep all our members of Action Group advised with regard to all material developments.

There is of course strength in numbers and our experience is that membership of an Action Group can quickly grow especially with attendant publicity which we would seek to generate.

If you are interested in joining the Skipton Action Group we confirm we are seeking a contribution of £100 from any party affected by Skiptons decision to remove the Guaranteed Cap.

We confirm that the contribution of £100 will be the total amount required by you to join the Action Group and you will incur no further financial liability without further reference to you and your consent. All sums received will be placed in to a Clients Account in the name of the Skipton Action Group.

All sums raised will be used solely for the purpose of carrying our further research, general administration and all attendant costs in relation to raising awareness of the Action Group and expanding the numbers of the same with a view to pursuing a Claim.

All work carried out on behalf of the Action Group will be carried out by Partners, Solicitors and support staff as appropriate with hourly rates ranging between £250 per hour plus VAT for Partners down to £60 per hour plus VAT for support staff. All invoices will be billed to the Action Group.. Additionally all funds raised will be utilised towards payment of the appropriate disbursements such as Counsels fees and Experts fees.

If you have a SVR Skipton mortgage and would like more information regarding our investigations and the potential claim against Skipton please contact us (with no financial obligation at this stage) at or alternatively by telephone on 020 7228 2020.