On Tuesday afternoon this week, many mortgage advisors received an email from Skipton Building Society advising them that the building society would no longer accept mortgages on one bedroom flats, which the building society has stated was ‘mistaken communication’.
Once mortgage advisors have completed their CeMAP training, a large part of their role is keeping up to date on mortgage product range changes and policy updates and this email stating
“Please note that at present, we are unable to lend on all 1 bed properties”
met with great surprise from the brokers.
The Skipton Building Society is the sixth largest building society in the UK with 85 branches. Their policy, like some other mortgage lenders, does not lend on new build city centre flats in some locations but the lender has confirmed its policy has not changed and they are investigating how the mistaken communication came about.