Skipton sees increase in mortgage completions

The Skipton has seen a surge in completions in March.

Skipton sees increase in mortgage completions

March saw the Skipton Building Society record a 43% year-on-year increase in mortgage completions as demand continued to spike.

Of that increase some 24% were first-time buyers who are currently taking advantage of market conditions.

Alex Beavis, head of mortgage products at Skipton Building Society, said: “With a 43% year on year rise in mortgage completions at Skipton, and with 24% of these being first-time buyers, it is clear to see the impact of the stamp duty holiday on the housing market.

“As March brought the good news that the stamp duty holiday would be extended to 31 June, I have no doubt that this provided certainty and relief to the thousands of families whose house purchases had been teetering on the 31 March cliff edge.

"With Skipton’s March completion figures, it’s great to know this extension has helped these buyers to relax with the knowledge that they’ve saved thousands of pounds in fees, releasing the pressure valve from the housing sector and reducing the threat of wasted time, effort and money, should the transactions of missed the deadline and chains collapsed.

“At Skipton, we knew March was going to be extremely busy for completions, so we made sure our colleagues were fully prepared by further upskilling our underwriting teams to be ready to help during peak times, and we aim to continue to deliver this high level of service for customers and brokers as the June 31 deadline approaches.”