The Skipton Building Society has released an intermediary update. For full details see their latest product information here. All Skipton products are accessible through our direct to lender mortgage club with payment on completion. Contact us for details.
Skipton Announcement
95% is back and I want to help you, help your clients!
I hope you have spotted that Skipton have re-entered the 95% market!
I want to help you take full advantage of this offering, so you are able to help more of your clients. As you can expect, 95% mortgages do come with a tighter scorecard so please read the below to ensure you fully understand the offering. This will help you to set your clients expectations with Skipton.
POLICY
- These are only available for First Time Buyers.
On an application with multiple applicants, ALL applicants must be First Time Buyers.
- 95% products is not available on flats or New Build. (Except Shared Ownership).
- 95% is available for Shared Ownership but not for any other government support schemes.
95% shared ownership is available on new build properties
- Maximum LTI is 4.49
- It is now acceptable to use 50% of additional income provided it is evidenced by 2 years history. Average of the last 2 years or latest if lower as per policy.
(Please note this now also now standard policy for 90% lending as well)
HINTS AND TIPS
Ensure you have seen your clients credit files – any credit blemishes will heavily impact their ability to get a 95% mortgage with Skipton
- Make sure you are aware of your client’s credit utilisation – high levels of debt will not be viewed favourably
- If your clients are currently on the voters roll this will help
- Ensure you are using all the income you can for your applicants – even if it is not needed
- Skipton are a soft footprint at DIP stage
- Gifted Deposits at 95% are acceptable if they are needed
If you have any questions at all, please do not hesitate to get in touch.
95% LTV lending is back today
We’re excited to announce that we’ve reintroduced 95% LTV lending. It’s a positive step for first-time buyers who have managed to save a 5% deposit, but whose plans have had to be put on hold over the past 12 months. We’re particularly proud to be one of the first lenders off the mark to support the Chancellor’s call to answer the first-time buyer market.
Standing strong
Alex Beavis, Head of Mortgage Products, Skipton Building Society for Intermediaries
New products and criteria
Key Changes
- New 95% LTV Residential product for First Time Buyers only.
- New 95% LTV Shared Ownership product for First Time Buyers only.
- 2 new 60% LTV Intermediary Exclusive products.
5 yr fixed
95% LTV
For purchase and FTB only
No Fee
4.17%
95% LTV
For purchase and FTB only
No Fee
4.52%
60% LTV
Residential Purchase/Remo
£995 fee
1.13%
View our latest product range →
Criteria for 95% lending
- No furlough income.
- 50% additional income can be included (2 years evidence).
- Not available on flats or new build (except Shared Ownership).
- Max LTI 4.49.
- Available direct and via intermediaries.
- Max loan amount – £450k.
- Available on flats and new build.
- No furlough income.
- 50% additional income can be included (2 years evidence).
- Max LTI 4.49.
- Available direct and via intermediaries.
- Max loan amount – £450k.
Keep an eye out for more updates.