Skipton Building Society is launching 12 new 80% loan to value (LTV) residential products at 9am on 17 September.
It will also be reducing the rate of its recently enhanced Track Record Mortgage.
The new 80% LTV products come to bridge the gap between Skipton’s 75% and 85% range. They come in a range of options for, purchases and remortgages, two and five-year product terms, fees that range from no fee, mid fee, and high fees, as well as cashback options.
An example of two new 80% products are:
- Five-year 80% LTV fixed purchase – 4.35% with £2995 Fee
- Two-year remortgage – 5.28% No Fee
Skipton’s Track Record Mortgage is being cut by five basis points to 5.44%. This comes after last week’s announcement of enhanced policy changes and a brand-new shared ownership version of the product.
Included in these changes were:
- Maximum mortgage term increase from 35 to 40 years.
- Now available on new build flats.
- New flexible underwriting approach to the ‘household to household’ criteria
- Relaxed rent to monthly mortgage payment criteria
- Now acceptable in conjunction with a shared ownership mortgage.
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.”
