The Skipton Building Society has reported a huge interest in its 95% LTV mortgage.
The lender re-entered the 95% LTV market towards the end of March.
Alex Beavis (pictured), head of mortgage products at the Skipton Building Society, said: “We’re delighted to say that we’ve seen really strong demand for our 95% LTV offering since becoming one of the first lenders to re-enter the market back on 22 March. Since launch, we’ve seen requests for DIPs on 95% mortgages increase 164% whilst 95% applications have increased by a whopping 2033%.
“Whilst we’re offering these deals to home-movers too, what’s great to see is that 84% of all our demand is coming from first-time borrowers; proof that 95% lending supports a squeezed and underserved segment of aspirational homeowners who for the best part of a year have been locked out of the housing market.
“Encouragingly, whilst we’ve also seen 64% increase in telephone queries and web-chats, we’ve been able to maintain an excellent level of service across our entire proposition. Last week our application to offer time on new purchases remained at nine days – a level of service we’re proud of in a very busy housing market.”