The new products were brought out after changes to the government’s shared ownership scheme that let buyers purchase additional one per cent shares of properties rather than saving for chunks of 10 per cent.
The mortgages are for residential house and flat purchases over terms of up to 35 years. There is a two-year fix at 2.81 per cent with a fee of £495, or 3.27 per cent with no fee. And a five-year fix at 3.25 per cent with £495 fee, or 3.75 per cent fee free.
These are available direct and through intermediaries.
“The reduction to one per cent [staircasing] is a positive step and will make it more affordable and achievable to purchase an additional stake in a shared ownership home,” said Alex Beavis, Skipton head of mortgages (pictured).
“First-time buyers need flexibility. By extending our range of 95 per cent LTV products to include shared ownership we’re getting them on the property ladder sooner,” Beavis added.
Skipton first introduced its range of 95 per cent LTV mortgages in July 2018.