The Skipton Building Society will now accept mortgage applications for new build properties up to 75% loan to value (LTV).
The mutual has also launched a refreshed residential and buy-to-let fixed product range with reduced rates on selected products.
Under a revised affordability approach, the Skipton has already confirmed 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.
New deals include the following:
- Residential two-year fixed at 1.15% to 60% LTV (£995 fee)
- Residential five-year fixed at 1.57% to 75% LTV (1,995 fee)
- Fee free residential two-year fixed at 2.19% to 60% LTV with 1% cashback
- Buy-to-let two-year fixed at 1.64% to 60% LTV (£1,995 fee)
Alex Beavis, the Skipton’s head of mortgages, said: “After the recent uncertainty surrounding the housing market, we’re delighted to announce that we now accept new build mortgage applications, including Help to Buy, up to and including 75% LTV.
“During this difficult and unusual environment, 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.”
