The Skipton Building Society says it will shortly be reinstating purchase business by extending its lending proposition to cover both residential and buy-to-let lending to up to 75% LTV.

This follows a temporary withdrawal from new purchase business last Thursday.

This will include both remortgage and purchase business, with new products launching next week.

The following exclusions will apply: new build, shared ownership, properties over £1m in value (£1.5m for London within M25), flats with cladding concerns.

On all business, valuations will be conducted remotely using a combination of Automated Valuation Model (AVMs) and desktop valuations. For product transfers for existing customers, a full range of products up to 95% LTV remain available.

Alex Beavis, the Skipton’s head of mortgage products, said: “We’re living through unprecedented times, and while we needed a little time to take stock and understand the impact this is having, it’s important we continue to offer a broad range of mortgage options to our broker partners.

“Despite the challenging circumstances, I’m really pleased we’ve been able to return to the market just days after we had to step out. We’re now finalising the new products and aim to launch them as soon as we can next week.”