The Yorkshire Building Society has removed all property value restrictions and returned its maximum loan size to £5m for residential applications.
A property value limit was put in place at the end of March, but with physical valuations now taking place, and as the mutual’s proposition starts to returns to its pre-Covid-19 offering, the restrictions have been lifted.
In addition, the lender is also re-launching its range of 90% loan to value (LTV) products with a maximum loan size of £600,000, providing positive news for customers looking to purchase or remortgage higher value properties.
The new higher LTV range includes:
- A two-year fixed rate at 2.22% at 90% LTV (House Purchase only)
- A two-year fixed rate at 2.22% at 90% LTV with free standard legal services and free standard valuation (re-mortgage only)
- A five-year fixed rate at 2.49% at 90% LTV with free standard valuation (House Purchase only)
- A five-year fixed rate at 2.49% at 90% LTV with free standard legal services and free standard valuation (re-mortgage only)
Charles Mungroo senior product manager – mortgages, said: “Following last week’s successful launch back into the 90% LTV market we are also pleased to expand the range by re-introducing loans available up to £600,000.
“We’re committed to rebuilding confidence in the market and supporting customers with a competitive and broad range of products. This is the latest in a series of changes we have made to get back to some degree of normality.”