Under a revised affordability approach, Skipton has already confirmed it will accept cases from applicants who have been furloughed.
Skipton Building Society will now accept mortgage applications for new build properties for those with a minimum 25% deposit and launched a refreshed residential and buy-to-let fixed product range.
Under a revised affordability approach, Skipton has already 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.
Highlights of Skipton’s new mortgage range include a residential 2-year fix at 1.15% to 60% (loan-to-value (LTV) (£995 fee), a 5-year fix at 1.57% to 75% LTV (1,995 fee), a fee free 2-year fix at 2.19% to 60% LTV with 1% cashback and a buy-to-let 2-year fix at 1.64% to 60% LTV (£1,995 fee).
Alex Beavis, Skipton’s head of mortgages, said: “After the recent uncertainty surrounding the housing market, we’re delighted to announce that we now accept new build mortgage applications, including Help to Buy, up to and including 75% LTV.
“During this difficult and unusual environment, 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.”
