Mortgage News
Skipton BS ups max LTV for new-build flats to 90 per cent
Skipton Building Society has increased the maximum loan to value (LTV) it will accept for new-build flats to 90 per cent.
This is an increase from 85 per cent LTV previously and compares to 95 per cent LTV for new-build houses.
The mutual’s new-build proposition includes residential, buy-to-let, shared ownership and Help to Buy including remortgages.
The lender accepts flats above commercial property, with a minimum value of £150,000 outside M25 and £300,000 within M25.
It also accepts high rise block of flats and there is no restriction on floors, however, if there are more than five then lift access must be required.
Rachael Hunnisett, Skipton BS’ new build national account manager (pictured), said: “Flats can be a fantastic entry point to the property ladder for many first-time buyers.
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“At Skipton, our aim this year is to help 10,000 first time buyers own homes of their own. Updating our lending policy to allow from as little as 10 per cent deposit for new-build flats is the latest in a number of updates we have made, as we continue to strive to make things easier for you.”