Mortgages

Skipton resumes new build and Help to Buy lending

The Society has also launched a refreshed residential and buy-to-let product range.

Rozi Jones
|
21st May 2020
Skipton
"We’re delighted to announce that we now accept new build mortgage applications, including Help to Buy, up to and including 75% LTV."

Skipton Building Society will now accept mortgage applications for new build properties up to 75% LTV.

The move comes as the Society launches a refreshed residential and buy-to-let product range with reduced rates on selected products.

New residential products include a two-year fixed rate at 1.15% up to 60% LTV with a £995 fee or 2.19% fee-free with 1% cashback, and a five-year fix at 1.57% up to 75% LTV with a £1,995 fee.

A buy-to-let two-year fix starts at 1.64% up to 60% LTV with a £1,995 fee.

Under a revised affordability approach, Skipton has already confirmed 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.

Alex Beavis, Skipton’s head of mortgages, said: “After the recent uncertainty surrounding the housing market, we’re delighted to announce that we now accept new build mortgage applications, including Help to Buy, up to and including 75% LTV.

“During this difficult and unusual environment, Skipton remains committed to supporting borrowers by providing access to a broad range of competitive mortgage deals. We’re working hard to continue to make our proposition as widely accessible as possible whilst also maintaining the high levels of service brokers and customers expect.”

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