"I’m pleased to see us re-visit our approach to lending on low deposit mortgages in those areas that really can make a difference for buyers."
The Society is increasing the maximum LTV for joint borrower sole proprietor, 3-4 person applications and for family and tenant purchases.
The maximum LTV for joint borrower sole proprietor mortgages and for non-occupying borrowers is increasing from 85% to 95%.
For 3-4 person applications, the maximum LTV is increasing from 75% to 95%.
Skipton is also increasing the maximum LTV on family and tenant purchases from 90% to 95%. A family purchase is where the applicant(s) is purchasing the property from a family member at the full market value and a tenant purchase is where the applicants are purchasing the property that they’re currently renting from their private landlord at the full market value.
Charlotte Harrison, Skipton’s head of mortgage products, said: “We have always recognised the importance of supporting first-time buyers to purchase their own home, and can see that with recent levels of house price growth, saving for a deposit has become even more of a challenge. That’s why I’m pleased to see us re-visit our approach to lending on low deposit mortgages in those areas that really can make a difference for buyers.”
