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Skipton BS changes BTL criteria to include new build flats and cuts stress rate

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  • 29/03/2022
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Skipton BS changes BTL criteria to include new build flats and cuts stress rate
Skipton Building Society has changed its buy-to-let (BTL) criteria and will lend on new build flats.

It has also reduced its stress rate for long-term fixed BTL rates and increased its minimum BTL property value.

Skipton said that it would lend on BTL new build flats up to 75 per cent loan to value (LTV).

It added that it has lowered the stress rate for landlords on five-year fixed rates or longer from five per cent to 4.5 per cent.

The minimum BTL property value has also risen from £50,000 to £75,000.

Tony Field, sales director at Dynamo, said: “The introduction of lending on new build flats is a very positive move that will undoubtedly be broadly welcomed by investors in the sector.

“With stress rate calculations also decreasing and greater flexibility being allowed on terms, Skipton are demonstrating their support of the landlord community and the wider Buy to Let market.”

John Scrivens, regional manager at Skipton Building Society for Intermediaries, added that the mutual regularly sought broker feedback, and recently the topic of energy efficient property was becoming a “regular conversation point with landlords”.

He added: “It’s exciting that we are entering the new build flat market for BTL while keeping things simple by lending up to 75 per cent on them too, in line with our maximum LTV’s on BTLs.”

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