Mortgage News
Skipton Building Society to launch 90 per cent LTV new-build products
Skipton Building Society for Intermediaries is poised to launch two new-build deals at 90 per cent loan to value (LTV).
From Thursday, two and five-year fixed deals at 90 per cent LTV will be available for new-build purchases only and are subject to a £995 fee.
The two-year fixed product will have a rate of 3.16 per cent and the five-year fix will have a rate of 3.51 per cent.
The lender has also made selected rate reductions on its residential and buy-to-let products of up to 0.23 per cent.
One example includes a standard residential two-year fixed at 70 per cent LTV, which will be cut by 0.23 per cent to 1.62 per cent.
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The lender will also withdraw its three-year fix at 95 per cent LTV at 10pm tomorrow.
It added that that it would offer a maximum LTV of 85 per cent for new-build flats and it would allow a maximum of 5 per cent developers’ incentives for new-build houses where the LTV was less or equal to 90 per cent.
The lender continued that where the incentive exceeded 5 per cent, the application would be declined irrespective of the LTV and referrals or challenges would not be accepted.