Skipton Building Society is reintroducing lending at 85% loan-to-value (LTV) for its standard residential, new build and shared ownership range.
The lender is also reducing rates on a wide range of mortgage products. This includes 2-year fixes at 1.37% to 60% LTV (fee free) and 1.59% to 85% LTV (£995 fee); 5-year fixes at 1.35% to 60% LTV (£1,995 fee) and 1.76% to 75% LTV (fee free) for purchase and remortgage.
On the buy-to-let (for purchase and remortgage) fee free 2-year fixes are available at 1.99% to 60% LTV and 2.34% to 75% LTV, and 5-year fixes at 1.79% to 60% LTV (£1,995 fee) and 2.19% to 70% LTV (£995 fee).
Alex Beavis (pictured), Skipton’s head of mortgages, said: “We’re delighted to reintroduce lending at 85%loan to value and reduce rates on many products giving borrowers more choice and better value.
“As a mutual, we strive to help people buy their own homes and through this difficult time we have maintained high levels of service to ensure our customers get the best experience when buying or remortgaging.
“Our reintroduction of 85% LTV deals for New Build, Shared Ownership and residential purchases and support for furloughed workers demonstrates this commitment.
“In order to help us continue to support our customers, I encourage anyone who needs to speak to us to make use of our online FAQ pages, webchat and email services in order to avoid longer telephone wait times in our contact centre.”
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.