Skipton Building Society has launched a bespoke suite of exclusive Help to Buy products, offering first time buyers the choice of two, three and five year fixed rate products. In addition, the Society is also giving aspiring homeowners the choice of two and three year discount rate products. All of these new products come fee free, and with £500 cashback on completion.
This comes in addition to the considerable help the Society has already given this important borrower group – through 2,283 mortgages granted to first time buyers during the course of 2013. Skipton has long offered products at higher loan-to-value ratios to appeal to those looking to get a first footing on the housing ladder, as well as next time buyers overcoming the impact of challenging housing market conditions on their equity levels.
The Society has launched a 2-, 3-, and 5-year fixed rate up to 75% LTV with rates from 2.89%, and 2- and 3-year discounted variable rates products up to 75% LTV from 2.59%.
These new products are available through the Society's Skipton Direct customer service centre, online and, initially, via selected intermediaries - with the potential to extend intermediary partners according to demand.
Kris Brewster, Skipton's Head of Products, said:
"We already punch well above our weight in terms of keeping Britain moving and enabling a variety of people to get the keys to their dream homes. Our existing range of higher LTV mortgages receives frequent mentions in independent media best buy tables for providing great value products outside of the Help to Buy scheme. However, we’re acutely aware of the struggles first time buyers still face in trying to get that first step on raising a big enough deposit to get on the property ladder.
"With this in mind, we’ve decided to strengthen our already competitive higher LTV range with five additional Help to Buy bespoke products. As a 160-year-old mutual, our founding values were centred on enabling people to own their own homes. These latest product offerings will see us continue to live out these principles and make home ownership an affordable reality for even more of our members."
