Skipton launches 95 percent mortgages for first-time buyers

The SKIPTON Building Society is re-entering the 95 percent mortgage market with two deals to help first-time buyers enter the real estate ladder.

However, the company has warned that it anticipates high demand for the five percent deposit products and is advising homebuyers not to postpone their applications as deals may have to be withdrawn at short notice.

The products that are only available to first-time buyers are a fee-free standard five-year fix at 4.17 percent and a fee-free shared ownership five-year fix at 4.52 percent. Only the Shared Ownership product can be used for new buildings or apartments.

Alex Beavis, Skipton’s Head of Mortgages, said, “The time has come for Skipton to once again support first-time buyers who have saved a five percent down payment.

“The company is in a strong financial position and this means we can re-enter the 95 percent market with confidence, focusing on our common goal of home ownership and this most underserved segment support the first time buyer.

“Given the pent-up demand from buyers who have not been able to access 95 percent deals in the last year or so, we expect a high volume of applications.”

The criteria for 95 percent lending include:

• No vacation

• 50 percent additional income can be credited (two-year proof)

• Not available for apartments or new buildings (except shared apartments)

• Max. LTI 4.49.

• Direct and intermediary available

• Max Loan – £ 450,000.

The criteria for communal ownership are the same except that it is available for apartments or new builds.

For full information on Skipton’s mortgage offerings, please visit or call the Customer Service team on 0345 8501755 or visit any Skipton branch.

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