Skipton raises new build LTVs

The new proposition was designed in tandem with brokers and includes deals up to 90% loan-to-value on houses and 85% LTV on flats, free valuations, extendable mortgage offer periods on a six months plus six months basis – supporting off plan purchases, up to £1,000 cashback on selected deals and dedicated new build underwriters.

The launch is backed by the creation of a specialist new build support team.

Paul Darwin, Skipton’s head of intermediary relationships, said: “We see the new build market as essential in meeting the growing UK housing need. It plays a key role in supporting both first time-buyers and hardworking families looking to move up the ladder.

“Our move from 75% to 85% LTV on flats reflects our belief that the market is being overly cautious in relation to new build properties, which are being built to a high standard in areas of strong demand.

“All Skipton’s residential new build applications are now given a free valuation, instructed as soon as we receive the fully packaged case. We believe this will increase our speed of service and further demonstrates our commitment to meeting the real life lending needs of our customers.”