Good news for B2L as Skipton returns to sector
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Skipton Building Society gave the buy-to-let sector a boost last week by relaunching into the market after pulling the plug on new lending in 2009.
It has launched its deals via its Skipton Direct telephone service centre and selected intermediaries.
Firms offering the range include Legal & General, Openwork, PMS’ top 120 firms, The Business Mortgage Company and Connells Group.
Skipton is offering a two-year fixed rate up to 60% LTV at 4.49% and a three-year fixed rate mortgage up to 60% LTV at 5.49%.
The products include a non-refundable application fee of £245 and a com-pletion fee of £1,250, which is payable on completion or can be added to the loan.
Aaron Strutt, head of communications at Trinity Financial Group, says: “Ideally it would be good to see Skipton offer higher LTVs, but its rates are competitive and it has made the deals available to a large section of the broker community. Lenders are starting to see the potential to make money from buy-to-let again.”
Kris Brewster, head of products at Skipton, says that with signs the housing market is beginning to stabilise, it believes now is the time to make a control-led, low risk return to the sector.
He says: “We have decided to offer straightforward and competitive products which we hope will appeal to landlords hoping to make the most of the investment oppor-tunity this sector represents.”
Last week Godiva, the intermediary lender of Coventry Building Society, launched two buyto-let deals, including a three-year fixed rate at 4.75% up to 65% LTV with a £250 booking fee and £999 arrangement fee.
And Aldermore increased the maximum number of properties it will accept on residential buy-to-let mortgage applications last week from two to three, subject to a total exposure of £1m.
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