Skipton removes lending restriction on flats
The Society made the decision after receiving broker and customer feedback on the previous criteria which restricted mortgages to flats within buildings of five storeys.
This new move is further complimented by the Society no longer putting restrictions on the total number of units within a block of flats – previously a limit of 48 units applied restricting lending to smaller developments.
Kris Brewster, head of products at Skipton, said:“In making these updates to our lending policy we at Skipton are continuing to play our part in supporting a buoyant property market.
Across the country, and particularly in London and the south east, we know there are high percentages of properties that are above five storeys and contain more than 48 flats.
“In changing our lending policy we are now able to help many more people secure their dream home, no matter how high up it is.”
Skipton’s new lending policy comes into effect this Friday. Provided that the flat has at no time been a local authority property then there will no longer be any restriction on the number of floors within the block of flats. Where the number of floors in a block exceeds five, then lift access is required.