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Skipton BS pulls out of 95% LTV lending temporarily

Skipton Building Society is to temporarily pull out of 95 per cent loan-to-value lending, Money Marketing can reveal.

The lender entered the 95 per cent LTV market in March last year but says it has decided to temporarily withdraw these products due to unexpected demand.

Skipton entered the market in March last year, offering a single product through subsidiary Connells.

It currently offers two 95 per cent LTV products, a three- and five-year fixed rate mortgage.

Currently, Leeds Building Society, Darlington BS, Newcastle BS, Saffron BS and Clydesdale and Yorkshire Banks offer 95 per cent LTV mortgages without the need for a guarantor and on a national basis.

Ipswich BS, Nottingham BS, Cumberland BS and Monmouthshire BS offer 95 per cent LTV mortgages without the need for a guarantor but only within their local area. Mansfield BS only offers its 95 per cent products direct.

There are a number of other lenders which offer 95 per cent LTV loans but require a guarantor or the customer take out a current or savings account to access these deals.

A Skipton spokeswoman says: “Since the start of this year we have seen quite an uptake of applications for 95 per cent LTV loans, so as a result what we have set aside for them has been over subscribed and we have decided to pull out of them for the time being.”

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