The Skipton Building Society is reintroducing lending at 85% LTV for its standard residential, new build and shared ownership range and also reducing rates on a range of mortgage products.
A series of new products has been introduced to Skipton’s repriced mortgage range as it resumes lending standard residential lending at 80/85% LTV, with rate decreases across the HTB range, and has reduced rates on its interest-only product range; however, Skipton’s new residential range is not available on interest-only.
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Highlights of Skipton’s new mortgage range include:
- For purchase and remortgage, 2-year fixes at 1.37% to 60% LTV (fee free) and 1.59% to 85% LTV (£995 fee); 5-year fixes at 1.35% to 60% LTV (£1,995 fee) and 1.76% to 75% LTV (fee free);
- For Help to Buy, (purchase and remortgage) a fee free 2-year fix at 1.89% to 75% LTV;
- 2-year fee free shared ownership fix at 2.69% to 85% LTV;
- Buy-to-let (purchase and remortgage) fee free 2-year fixes at 1.99% to 60% LTV and 2.34% to 75% LTV, and 5-year fixes at 1.79% to 60% LTV (£1,995 fee) and 2.19% to 70% LTV (£995 fee).
Skipton recently announced that under a revised affordability approach, it will accept cases from applicants who have been furloughed. However, affordability will be assessed on the new, furloughed income, including any top up contributions made by the employer. The maximum LTV where any applicant is relying on furloughed income is 60%. Product transfers are excluded from these restrictions, unless the applicant is also seeking additional funds.
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Alex Beavis (pictured), Skipton’s head of mortgages, said: “We’re delighted to reintroduce lending at 85% loan to value and reduce rates on many products giving borrowers more choice and better value. As a mutual, we strive to help people buy their own homes and through this difficult time we have maintained high levels of service to ensure our customers get the best experience when buying or remortgaging.
“Our reintroduction of 85% LTV deals for new build, shared ownership and residential purchases and support for furloughed workers demonstrates this commitment.
“In order to help us continue to support our customers, I encourage anyone who needs to speak to us to make use of our online FAQ pages, webchat and email services in order to avoid longer telephone wait times in our contact centre.”
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By Kevin Rose
Source: Best Advice