Skipton Building Society has increased the maximum loan to value (LTV) it will accept for new-build flats to 90 per cent.
This is an increase from 85 per cent LTV previously and compares to 95 per cent LTV for new-build houses.
The mutual’s new-build proposition includes residential, buy-to-let, shared ownership and Help to Buy including remortgages.
The lender accepts flats above commercial property, with a minimum value of £150,000 outside M25 and £300,000 within M25.
It also accepts high rise block of flats and there is no restriction on floors, however, if there are more than five then lift access must be required.
Rachael Hunnisett, Skipton BS’ new build national account manager (pictured), said: “Flats can be a fantastic entry point to the property ladder for many first-time buyers.
“At Skipton, our aim this year is to help 10,000 first time buyers own homes of their own. Updating our lending policy to allow from as little as 10 per cent deposit for new-build flats is the latest in a number of updates we have made, as we continue to strive to make things easier for you.”
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.
