Home » Skipton to lend at 95% LTV on new-build houses

Skipton to lend at 95% LTV on new-build houses

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Skipton is launching two 95% LTV mortgage deals that are available on new-build houses.

The products will be available to both first-time buyers and home movers from Monday.

However, lending on new-build flats is restricted to 85% LTV apart from in the case of shared ownership properties where it will lend up to 95% LTV on both houses and flats.

Skipton’s new 95% new-build deals include a two-year fixed at 3.74% with no fee and £500 cashback.

Alternatively, for borrowers looking to fix for five-years it is offering a rate of 3.76%, which also has no fee and £500 cashback.

Skipton head of mortgage products Charlotte Harrison says: “Looking at recent data from the Office for National Statistics, the average price of a new-build property now exceeds the Help to Buy regional price caps in five of the nine regions, with another two very closely aligned.

“First-time buyers are in some instances having to find an extra £2,000 to achieve a 5% deposit.

“As we look to the future, we recognise that government support, such as the Help to Buy scheme, can’t continue to be relied upon by those wanting to take their first step onto the property ladder, and we’re answering that call.

“New build properties are typically more energy efficient and we believe it’s important that home buyers across the board have products available to them, that afford them the same opportunity as others to purchase such a property.

“We recognise that lenders can play a more active role in greening the UK housing stock and aligning our policy for both new and second-hand homes is a first step of many in our efforts to support the fight against climate change.”

Original Article

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