Skipton Building Society  

Skipton enters 95 per cent LTV mortgages

Skipton enters 95 per cent LTV mortgages

Skipton Building Society has started offering 95 per cent loan to value (LTV) mortgages in a bid to help savers get on the property ladder.

The products, which launched yesterday (12 July), are available to general purchase customers, with special deals offered to first-time buyers who hold a Skipton cash Lifetime Isa.

They include a 3-year fix offering £1,000 cashback to Lisa customers, a fee free 2-year fix at 2.99 per cent, a fee free 3-year fix at 3.35 per cent, and a fee free 5-year fix at 3.59 per cent.

Skipton is already offering £250 cashback on mortgages to its Lisa customers, but will now hand out an extra £1,000 to those opting for the 3-year fixed rate mortgage, which is sold at 3.69 per cent.

Kris Brewster, Skipton’s head of products, said: “As one of the largest UK building societies, Skipton’s purpose has always been to support people in planning and preparing for their life ahead.

"By adding 95 per cent mortgages to our product range we are giving homebuyers, including those purchasing for the first time, the opportunity to step onto the housing ladder sooner than they might have expected."

He added Skipton's Lisa customers have so far received £98m in bonuses from HMRC. Since Skipton launched its cash Lisa, more than 100,000 accounts have been opened.

Skipton has also created a first-time buyer scorecard available on its website to help those hunting for a home.

Skipton’s cash Lifetime Isa can be opened online, earning annual interest at a rate of 0.75 per cent.

Steven Sibley, director at Berkhamsted-based Highclere, said: “This seems like a sensible move from the Skipton Building Society. 

"It encourages savers to invest in their Lisa product, and in return, offers a competitively priced 3 year fixed rate. 

"The fact that it is available up to 95 per cent LTV and offers the cashbacks, makes it especially attractive to first-time buyers.”