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Skipton relaunches 95 per cent LTV mortgages but cautions on short-term availability

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  • 22/03/2021
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Skipton relaunches 95 per cent LTV mortgages but cautions on short-term availability
Skipton Building Society is coming back into the 95 per cent mortgage market with two products for first-time buyers.

 

However, the mutual cautioned it would see a high level of demand for the products and said homebuyers should not delay in submitting applications as they may be withdrawn at short notice. 

The first mortgage is a fee-free five-year fix at 4.17 per cent and it is not available on new-build properties or flats.  

There is also a shared ownership product which is fee-free and also fixed for five years. This has a rate of 4.52 per cent and can be used on new-builds or flats. 

No furlough income will be allowed and the income multiple is 4.49. The maximum loan available will be £450,000.

Alex Beavis (pictured), head of mortgages at Skipton Building Society, said: “The time is now right for Skipton to once again support first-time buyers who have been able to save a five per cent deposit. 

“The society is in a strong financial position and this means we can re-enter the 95 per cent market with confidence, focused on delivering on our mutual purpose of enabling homeownership and supporting this most underserved segment of first-time buyers.

“Given the pent-up demand from buyers being unable to access 95 per cent deals over the last year or so, we expect to see high volume levels of applications,” he added. 

 

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