Mortgage News
Scottish Widows Bank pushes new build LTVs up to 85% – exclusive
Scottish Widows Bank has raised its loan to value (LTV) on new build mortgages to 85%.
The lender, whichi part of Lloyds Banking Group, previously offered a maximum of 80% LTV but has relaxed the limit to offer more choice to borrowers with smaller deposits.
Douglas Cochrane, head of housing development, Lloyds Banking Group (pictured), said: “Helping brokers meet more of their clients’ needs is part of what our specialist housing team is all about, and driving further benefits for brokers through Scottish Widows Bank is the next in a series of exciting developments for the specialist mortgage provider.
“Offering greater choice for customers in this market helps us demonstrate our continued commitment to the new build sector which remains crucial to the success of the UK housing market.”
A number of lenders have recently reworked their new build criteria.
Earlier this month Virgin Money extended new builds up to 90% LTV, following a similar move by Barclays in March.
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And Nationwide and NatWest both recently extended offer periods.