The Skipton Building Society is reintroducing its residential purchase mortgage range as well as introducing a new affordability approach for applicants affected by Covid-19.

The range will include products up to 75% LTV.  The Skipton says it is committing to extending the use of desktop valuations to offer these new products.

Mortgages will be available for both purchases and remortgages up to 75% LTV for residential and buy to let cases. Further fixed rate buy-to-let products will be launched next week.

Under a revised affordability approach, the Skipton confirms it will accept cases from applicants who have been furloughed. However, affordability will be assessed on the new, furloughed income, including any top up contributions made by the employer. The maximum LTV where any applicant is relying on furloughed income is 60%. Product transfers are excluded from these restrictions, unless the applicant is also seeking additional funds.

The Skipton is also continuing to lend on all Scottish business where a Home Report of less than six months old can be produced. This will include lending up to 95% LTV with a new range of products exclusively available for Scottish lending.

New deals include the following:

• For purchase, a five-year fix at 1.65% to 75% LTV with £1,995 fee
• For remortgage, two-year fix at 1.32% to 60% LTV with £995 fee, and a fee free 10-year fix at 2.32% to 60% LTV
• Buy-to-let two-year tracker for purchase and remortgage at 2.32% to 60% LTV with £1,495 fee.

Alongside these new deals, the Society has also launched a new interest-only product range for residential customers.

Alex Beavis, the Skipton’s head of mortgages, said: “During this difficult time, Skipton remains committed to supporting borrowers by providing access to a broad range of competitive mortgage deals. We’re working hard to continue to make our proposition as widely accessible as possible whilst also maintaining the high levels of service brokers and customers expect.

“Our reintroduction of 75% LTV deals for buy-to-let and residential purchases and support for furloughed workers demonstrates this commitment, whilst the launch of special range of Scottish products up to 95% LTV for applicants with a valid Home Report provides a pragmatic approach to supporting borrowers in Scotland in this difficult and usual environment.

“In order to help us continue to support you and your clients, I encourage anyone who needs to speak to us to make use of our online FAQ pages, webchat and email services in order to avoid longer telephone wait times in our contact centre.”