The Skipton Building Society has introduced revised residential fixed purchase and remortgage products (two, five and 10 year) with select rates reduced by 0.05 percentage points on average.
The mutual is once again offering all products for purchase and remortgage – for both residential and buy to let business – up to 75% LTV.
For customers in Scotland, Skipton is allowing purchase up to 95% LTV and remortgage up to 90% LTV where a Home Report of less than six months old can be produced.
Earlier this month, the Society introduced a revised affordability approach and 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.
With home valuations suspended during the ongoing Coronavirus crisis, Skipton is committing to extending the use of desktop valuations to enable the Society to offer its mortgage products.
Highlights of Skipton’s new mortgage range include:
- 2 year fixed, 60% LTV, 1.49%, £0 fee
- 2 year fixed, 60% LTV, 1.22%, £995 fee
- 5 year fixed, 60% LTV, 1.72%, £0 fee
- 2 year fixed, 75% LTV, 1.69%, £0 fee
Alex Beavis, Skipton’s head of mortgages, said: “We’re delighted to make these fixed rate products available for both purchase and remortgage.
“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.
“In order to help us continue to support brokers and their 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.”
The new range is available through the Society’s Skipton Direct customer service centre and intermediaries.