Skipton Building Society has increased the maximum loan to value (LTV) for its joint borrower sole proprietor (JBSP), three and four-person, family purchase and tenant purchase applications.
Its JBSP LTV has gone up from 85 per cent LTV to 95 per cent LTV, whilst its three and four-person applications have increased from 75 per cent LTV to 95 per cent LTV.
The maximum LTV for its family purchase and tenant purchase applications has been upped from 90 per cent LTV to 95 per cent LTV.
According to the lender, the changes bring it in line with its pre-Covid policy and will encourage more first-time buyers to get onto the property ladder.
It had previously pulled back the LTV on all lending in April last year in response to the Covid-19 pandemic and the closure of the property market at the time.
Changes will apply from today.
Charlotte Harrison, Skipton’s head of mortgage products, said: “We have always recognised the importance of supporting first-time buyers to purchase their own home, and can see that with recent levels of house price growth, saving for a deposit has become even more of a challenge.
“That’s why I’m pleased to see us re-visit our approach to lending on low deposit mortgages in those areas that really can make a difference for buyers.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
