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Skipton BS launches 80% LTV deals and reduces Track Record mortgage rate
Skipton Building Society is launching 12 residential deals at 80% loan to value (LTV) and will cut its Track Record mortgage rate.
The 80% LTV product, the lender said, can bridge the gap between its 75% and 85% LTV options, and will give customers more choice.
The new products come with a range of options from purchases and remortgages on two and five-year terms with no fee, mid-fee and high-fee options along with cashback options.
A five-year fixed purchase rate at 80% LTV with a £2,995 fee is priced at 4.35% and its two-year fixed rate remortgage deal at the same LTV with no fee is 5.28%.
The Track Record mortgage, which allows renters to use their rental payment history to borrow at 100%, is being cut by around 0.05%, brining the price down to 5.44%.
The deal has been recently opened to shared ownership and increased the maximum term from 35 to 40 years.
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The Track Record mortgage can also be used for new-build flats, and a new flexible underwriting to the household to household criteria has been brought in and relaxed rent to monthly mortgage payment criteria.
Jennifer Lloyd, head of mortgage products and proposition, said: “We’re pleased to introduce these new 80% LTV products to our existing mortgage range, these products are designed to offer our customers even more choice and flexibility to suit their individual needs, whether they’re purchasing or remortgaging.
“Alongside these additions, Track Record is also seeing a decrease which adds to the great enhancements announced last week to open the doors to even more trapped renters.”