Skipton Building Society is easing employment history criteria for first-time buyers while amending the maximum loan allowed on its mortgages from Monday.
Fledgling buyers will no longer be required to provide 12 months’ continuous employment history, as Skipton aligns its policy to homemovers which asks for six months’ continuous employment.
In addition, from Monday, Skipton will accept mortgage applications with a maximum loan size of £625,000 up to 85% loan-to-value (LTV).
The Skipton’s new maximum loan limits will be as follows:
- £0 – £500,000 for 90% LTV
- £500,001 – £625,000 for 85% LTV
- £625,001 – £750,000 for 80% LTV
- £750,000 + for 75% LTV
Last week, Skipton moved to pass interest rate cuts on to its SVR and mortgage variable rate customers, bringing the rate down from 4.95% to 4.70%.
