Skipton to launch 95% mortgage direct
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Skipton Building Society is to launch a 95 per cent loan to value mortgage to direct customers with other deals at 90 per cent LTV available through the group’s subsidiaries Pink Home Loans and estate agency Connells.
The 95 per cent deal is one of a range of new products launching on May 17 offering discounts for existing Skipton customers and their families.
The direct-only deal available between 85 and 95 per cent LTV, is fixed for two years at 4.99 per cent - 6.99 per cent for existing customers, or 5.19 per cent - 7.19 per cent for new customers.
The product has a £995 product fee, a 3 per cent early repayment charge and a maximum loan size of £1m or £250,000 for first-time buyers.
Other features include fee-free overpayments of up to 10 per cent of the property value.
The Pink intermediary deals include a three-year fixed rate at 6.59 per cent at up to 90 per cent LTV with a £995 fee.
Skipton products controller Richard Andrews says: “When we announced our strong 2009 annual results earlier this year, we said that we hoped to gradually increase both the volume and scope of our lending throughout 2010, and this new range is part of that process.
“We have a limited tranche available to gauge demand, and the customer response will help shape our mortgage offering during the rest of this year.”
N.B. The headline on this story has now changed because the original statement from Skipton said the range would be available through Pink and Connells, however the building society has since clarified that only mortgages up to 90 per cent LTV will be offered through these channels.
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Readers' comments (1)
Douglas Shillinglaw | 14 May 2010 7:17 pm
Why cant the Skipton B/S allow normal brokers access to a 95% LTV 2 year Fixed rate product as it seems unfair that only 1 estate agent broker in the UK has access to it? Clients taking out this product need independent advice to discuss all options as a 90% LTV product from another lender should be discussed as an option if possible in case clients can access the required funds for a 10% deposit, etc? Connells (estate agents) will probably have a lot of FTB's sign up for the 95% LTV product via their branches but will they give appropriate advice or is it the number of sign ups that concerns them like most other estate agent broker networks usually?
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