Following broker feedback, Skipton Building Society has unveiled a revised new build product range.
The range offers two-year fixed rate products at LTVs from 75% to 90% with free valuations, cashback options at each LTV and fee free and £995 product options at 85% and 90% LTV.
From the launch of these products, Skipton no longer requires new build customers to take a new build specific product at LTVs up to 80%. Customers may instead choose any purchase product from the residential range including exclusive or new build products.
New products with £995 fees are designed to offer a lower initial rate for customers who would rather lower monthly payments than the benefits of a fee free or cashback product.
All new build business, regardless of product selection, will continue to receive an upfront valuation. Brokers also have the benefit of a specialist new build underwriting team with a dedicated helpline, Skipton said.
Key product details:
| Product | LTV | Rate | App Fee | Comp Fee | ERCs | Overpayments | Incentives |
| New Build 2 Year Fixed Rate to 31/01/2018 | 75% | 2.58%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation/£500 cashback |
| New Build 2 Year Fixed Rate to 31/01/2018 | 80% | 2.78%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation/£500 cashback |
| New Build 2 Year Fixed Rate to 31/01/2018 | 85% | 2.66%
(RMVR -4.99%) |
£0 | £995 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation |
| New Build 2 Year Fixed Rate to 31/01/2018 | 85% | 2.99%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation |
| New Build 2 Year Fixed Rate to 31/01/2018 | 85% | 3.19%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation/£500 cashback |
| New Build 2 Year Fixed Rate to 31/01/2018 | 90% | 3.99%
(RMVR -4.99%) |
£0 | £995 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation |
| New Build 2 Year Fixed Rate to 31/01/2018 | 90% | 4.19%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation |
| New Build 2 Year Fixed Rate to 31/01/2018 | 90% | 4.39%
(RMVR -4.99%) |
£0 | £0 | 2/1% until 31/01/2018 | 10% to 31/01/2018 | Free Upfront Valuation/
£500 cashback |
Kris Brewster, Skipton’s head of products, said: “Skipton has listened to brokers and we value their feedback and this ensures we launch products that meet their needs and those of their clients, ensuring they can offer a great deal, along with some seriously speedy service.
“We believe our new build residential products offer attractive rates and will help both first time and second time buyers who are looking to move up the housing ladder.
“All Skipton’s residential new build applications are now given a free valuation, instructed as soon as we receive the fully packaged case. We believe this will increase our speed of service and further demonstrates our commitment to meeting the real life lending needs of our customers.”