Effective from 6 October, Skipton has increased its maximum loan sizes across its residential mortgage range.
Skipton Building Society has introduced this enhancement to its loan offering following recent significant increases in house price growth.
For 95% loan-to-value (LTV) products, it has upped the maximum loan size from £450,000 to £600,000, for 85% LTV it has increased from £600,000 to £800,000, and for deals under 80% LTV the maximum loan amount is £1m.
Skipton has also made changes to its full mortgage product range, including selected rate reductions across the residential and buy-to-let (BTL) ranges of up to 0.62%.
It is also introducing 7-year fixed options.
Charlotte Harrison, head of mortgage products at Skipton, said: “We’ve seen unprecedented levels of change within the mortgage industry over the past 18 months, and as a lender I’m pleased we’ve been quick to react and evolve with those market conditions, most recently expanding our proposition to support 5% deposits on New Build houses.
“With significant levels of house price growth I’m pleased we continue to evolve our proposition by providing borrowers with larger loans at higher loan to value, ensuring we continue to meet the needs of our customers.”