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New mortgage 'is ideal for people in graduate jobs'

Published: Wednesday, 20 August 2008   Category: Life after graduation

A new mortgage which is said to be ideal for those in graduate jobs has been launched.

The Skipton five-year fixed-rate Stepping Up mortgages offers a rate that starts low, but increases over the life of the product.

According to Steve Aldous, the product is perfect for people who have a limited income at the moment, but expect it to increase in coming years, giving people in graduate jobs as an example.

He said: "These are products for our times; offering flexibility and value.

"The average annual rate of these products is exactly the same as our existing flat-rate five-year fixed mortgage - 6.19 per cent."

The firm is also offering a product which has a rate which steps down, he added.

Meanwhile, those still in the process of finding a graduate job might be interested to hear of a study by the Centre for Economic Performance at the London School of Economics which found that people who studied at the UK's top universities can expect to earn more than those that did not.

The Times reports that the group found the difference is a minimum of £35,000 over the length of a career.

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