Skipton raise maximum loan size across entire residential range

Essex Home Finance
Skipton Building Society has announced that maximum loan sizes will increase across their entire residential mortgage range.
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Skipton Building Society has announced that maximum loan sizes will increase across their entire residential mortgage range from Wednesday 6th October as a result of significant increases in house price growth.

According to the lender, key changes include 85.01-95% LTV now £600,000 (from £450,000), 80.01-85% LTV now £800,000 (from £600,000), and less than or equal to 80% LTV now £1,000,000.

This is the first time the lender has reviewed maximum loan sizes since 2016 when the average interest rate in the market for a 2-year fixed-rate at 95% was 4.08%. Today Skipton is offering a rate of 2.79% on the equivalent product. Because of the reduction in interest rates, borrowing an extra £150k over 35 years costs £135 per month less in interest payments.

In addition to this, the society has announced that it is also making changes to its full mortgage product range, including selected rate reductions across the residential and Buy to Let ranges of up to 0.62%. It is also introducing new 7-year fixed options.

Highlights include:

2 Year Fixed, Residential, 90% LTV, 2.19%, £0 fee
2 Year Fixed, Residential, 95% LTV, 2.67%, £495 fee
3 Year Fixed, Residential, 90% LTV, 1.89%, £995 fee
5 Year Fixed, Residential, 90% LTV, 2.52%, £995 fee
2 Year Tracker, Residential, 60% LTV, 0.99%, £995 fee, 0% ERCs
2 Year Fixed, BTL, 60% LTV, 1.25%, £995 fee

Charlotte Harrison, Skipton’s Head of Mortgage Products, 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.”

Original Article from Financial Reporter 04/10/21

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