View more on these topics

Skipton to raise maximum FTB loan size to £500,000

Skipton Building Society is increasing its maximum loan size for first-time buyers from £300,000 to £500,000 to accommodate borrowers in areas with high house prices, such as London and the South-east.

The change will take effect on 17 June. The lender’s maximum loan size for all other borrowers is £1m, or £500,000 for 90 per cent loan-to-value mortgages.

Skipton lends to a maximum of 90 per cent LTV at present. Until March 2012, it lent to 95 per cent LTV but pulled out due to unexpected demand for the products. A spokeswoman says there are no immediate plans to reintroduce 95 per cent LTV products but the matter is constantly under review.

The lender has also introduced a £40,000 minimum income requirement for interest-only and part interest-only mortgage applications.

Skipton senior products manager for mortgages William Gill says: “Many first-time buyers are typically older, have families and have rented for a long period of time while saving their deposit and we want to help these people get on to the property ladder.”

London & Country associate director of communications David Hollingworth says: “This shows a general shift in lender attitude and a gentle widening-out of the risk profile.”

Recommended

Artemis appoints Richard Pursglove as head of retail

Artemis Investment Management has appointed Richard Pursglove as head of retail. Pursglove is currently Goldman Sachs head of third party distribution, a role he took up in October 2011. Prior to this, he was head of UK retail at Gartmore.  Pursglove will join the firm in September and will report to Artemis head of asset gathering Dick […]

17

Ukip to push for flat-rate income tax and £13K transferable personal allowance

The UK Independence Party is considering proposing a radical shake-up of personal taxation by scrapping all National Insurance contributions while introducing a transferable personal allowance and a flat-rate income tax of 25 per cent. However, experts warn the plans could cost £100bn and are based on “back-of-the-envelope” figures. University of Georgia economics professor David Kamerschen […]

Former IMA chief Saunders joins Investec AM board

Investec Asset Management has appointed former Investment Management Association chief executive Richard Saunders as a non-executive director. Saunders spent 11 years at the IMA, the organisation which represents the UK investment management industry, and stepped down from his role at the end of 2012. Saunders played an important role in the creation of the IMA, leading […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com