The recalibration of its maximum loan sizes include its 80 per cent loan to value (LTV) mortgages which now have an upper limit of £1m, mortgages between 80.01- 85 per cent LTV will have maximum loans of £800,000, up from £600,000. Deals at 85.01- 95 per cent LTV will be capped at £600,000, an increase from £450,000.
The mutual is also making rate reductions across its residential and buy-to-let ranges of up to 0.62 per cent, and selected rate increases of up to 0.35 per cent.
The two-year fixed 95 per cent LTV deal with a £495 fee now has a rate of 2.67 per cent. At 90 per cent LTV, rates vary from 1.89 per cent for a £995 fee paying three-year fixed deal and 2.52 per cent for the equivalent five-year fixed product.
Skipton has also withdrawn its interest-only products and some residential deals will be available for interest-only borrowing up to 80 per cent LTV, subject to lending criteria. The mutual will also launch a range of seven-year fixed products.
Charlotte Harrison (pictured) Skipton’s head of mortgage products, said: “We’ve seen unprecedented levels of change within the mortgage industry over the past 18 months, and as a lender I’m pleased we’ve been quick to react and evolve with those market conditions, most recently expanding our proposition to support five per cent deposits on new-build houses.
“With significant levels of house price growth I’m pleased we continue to evolve our proposition by providing borrowers with larger loans at higher loan to value, ensuring we continue to meet the needs of our customers.”
Changes come in on Wednesday.
