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Skipton calls for fully-packaged 95 per cent cases as volumes mount

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  • 14/04/2021
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Skipton calls for fully-packaged 95 per cent cases as volumes mount
Skipton Building Society has urged brokers to submit fully packaged cases for 95 per cent loan to value (LTV) mortgages as the mutual strives to maintain service levels while case volumes mount.

 

Brokers have been asked to make full use of all communication channels which includes web chat, eMortgages and the phone if they need case updates so the lender’s team can help as many brokers as possible.

In March, Skipton’s mortgage completions rose 43 per cent year on year as borrowers clamoured to benefit from the Stamp Duty holiday that has been extended from 31 March to 31 June.

And as the tax holiday drives up demand for homemovers, the return of 95 per cent LTV mortgages has reinvigorated the first-time buyer market.

Skipton relaunched 95 per cent deals on 22 March and has seen “strong demand” from the start, with a 164 per cent increase in DIPs and 64 per cent increase in telephone queries and web chats.

Alex Beavis (pictured), Skipton’s head of mortgages, said: “Whilst we’re offering these deals to homemovers too, what’s great to see is that 84 per cent of all our demand is coming from first-time buyers; proof that 95 per cent lending supports a squeezed and underserved segment of aspirational homeowners who for the best part of a year have been locked out of the housing market.”

Despite seeing demand for mortgages soar, Skipton said it is pleased it has managed to maintain its nine-day application-to-offer turnaround time on new purchases.

Beavis added: “My plea to brokers is to retain patience with all lenders during these exceptionally busy times, and as always but especially with 95 per cent lending, try to package cases fully before submission to ensure the quickest time to offer possible.”

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