Mortgage advisors and first time buyers alike will welcome the news that Skipton Building Society has launched a new set of mortgages aimed at encouraging more people onto the property ladder who may need a higher LTV.
In total there are six new mortgages available including a base rate tracker package for a two year period, currently available for 2.48 percent if the borrower can do a 60 percent LTV. There are also another two base rate trackers that work over a three year period. The 60 percent LTV is available at 2.88 percent and for those with 75 percent LTV the rate is 2.99 percent.
The other three products are fixed rate deals. Two run over a three year period at 3.58 percent and 4.28 percent for 75 percent and 85 percent LTVs respectively. The last fixed rate deal is five years and for 80 percent LTV is offered at 3.98 percent.
On the Financial Times website, Kris Brewster, the Head of Products for the Building Society, is quoted saying:
“At Skipton we are committed to helping borrowers get on to the property ladder and stay there. These latest product launches reflect this commitment and our wider objectives to increase lending during 2010.”
Each of these new mortgages can be gained through mortgage advisors and each one has a £995 completion fee.
All good mortgage advisors would say that a borrower needs to consider the impact those arrangements fees and length of commitment would have on the overall costs when you take them into account and trainee mortgage advisors doing their CeMAP will learn how to look at this.