The mutual paused all new mortgage lending last week as swap rates rose significantly but has now returned with the launch of a range of five-year fixes available up to 95 per cent loan to value (LTV).
At 75 per cent LTV, there is an option with a rate of 5.85 per cent and a £995 fee. The maximum loan available for this product is £3m.
At 80 per cent LTV, the corresponding product has a rate of 5.89 per cent while at 90 per cent LTV this is priced at 5.99 per cent. There is also a 95 per cent LTV offering with a £495 fee under the government’s First Homes scheme with a rate of 5.95 per cent.
The First Homes Scheme was launched last year and offers a 30 to 50 per cent discount on homes to first-time buyers and key workers. After the discount has been applied, the sale price must be no more than £250,000 or £420,000 in Greater London.
Responding to borrower needs
Skipton said it launched the products in response to borrower needs but would continue to monitor its service levels and stagger the roll out of additional mortgages.
Charlotte Harrison (pictured), Skipton’s head of mortgage products, said: “After temporarily withdrawing from the market last week, we promised we’d return as quickly as we could and that’s what we’re doing. We’ve prioritised getting five-year fixes into the market first, as our broker partners are telling us that’s what their clients need most.
“Being member owned, we’re not answerable to shareholders. This means all the decisions we make are based on the long-term best interest of the society and our customers. Having protected our service levels and repriced our range following the changing market conditions, I’m pleased we’re back continuing to support borrowers during such fluctuating times.”
