Skipton launches 95% LTV exclusively through Connells
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Skipton Building Society has launched a range of 90% and 95% LTV mortgages exclusively through the Connells Group.
A subsidiary of the Skipton Building Society Group, Connells has almost 500 branches.
The limited edition new two-year fixed rate products will be available exclusively via Connells Group’s mortgage consultants.
The two-year fixed rate up to 95% LTV has a rate of 6.49% with a £195 application fee and no completion fee.
The two-year fixed rate up to 90% LTV has a rate 5.89% with a £195 application fee and a £995 completion fee.
Ross Bowen, group mortgage director for Connells, says: “For over a decade, Connells’unique and tightly controlled mortgage distribution model has delivered high quality and efficiently introduced mortgage business to its restricted panel of lenders.
“I am delighted with this groundbreaking initiative, which will see Skipton drawing upon Connells’market leading mortgage services.”
Paul Darwin, Skipton’s head of intermediary lending, says this is the first time Skipton has offered a 95% LTV product specifically aimed at helping first-time buyers via the intermediary channel since 2007.
He says: “Teaming up with Connells represents an efficient way of making these products available to a wide segment of the market, while Connells’lending expertise and experience will help us to ensure these higher LTV loans are offered prudently, in situations where we are confident borrowers are not over-stretching themselves.”
He adds:“This limited tranche of funds will enable us to gauge appetite within the intermediary market, with a view to expanding our product range to more intermediaries in the future, and is very much in line with our plans to increase lending in a controlled way during 2011.”
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Readers' comments (12)
Phil Shelford | 2 Mar 2011 11:51 am
It is good to see a lender helping to encourage the market for those with a small deposit. Well done Skipton, i hope the pilot is a success and is soon available to all brokers
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Anonymous | 2 Mar 2011 11:55 am
This is the sign of a lender using a trustworthy source of business to pilot high-risk lending. With the tricks used by brokers to hoodwink lenders over the years, it is nice to see this product being restricted to a compliant company.
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Ben Ashford-Barnden | 2 Mar 2011 11:57 am
Good luck to them, I haven't had a 90% DIP get through in months....
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Dan McGeehan | 2 Mar 2011 12:20 pm
Well done Skipton for trying this and it will hopefully help some people on the property ladder as well as maybe encourage other lenders to come in at 95%. To the poster at 11.55 if you are going to try and tar the whole broking community at least have the courage to post your name.
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Anonymous | 2 Mar 2011 12:59 pm
Nice to see a 95% product hit the marketplace. Not nice that I can't obtain it. Until such time Skipton are off my xmas card list.
When oh When will we get a level playing field again?
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Anonymous | 2 Mar 2011 3:10 pm
..a clever strategy to bring in buyers and offer a hand to (the oh so needy) estate agents too.
Many buyers I think will go for this - I'm a firm believer in buying and paying rent is money down the drain and you never own anything. At least on a repayment deal, you build up equity too.
Most buyers are now taking a long term view to home ownership. Good for Skipton and lets hope they roll it out to the good brokers soon.
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Anonymous | 2 Mar 2011 3:17 pm
11.55 poster. Never put the words compliant and estate agency adviser in the same paragraph, it doesn't work.
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Anonymous | 3 Mar 2011 9:44 am
Anon @ 3:17pm
I'm an EA Advisor and very compliant thanks.
Oh wait, I'm leaving shortly to do the job properly for myself!
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Anonymous | 3 Mar 2011 9:44 am
Anon @ 3:17pm
I'm an EA Advisor and very compliant thanks.
Oh wait, I'm leaving shortly to do the job properly for myself!
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Grey Haired Underwriter | 3 Mar 2011 3:31 pm
Hmmm - and is there no third party collateral to accompany this higher risk or have Skipton found themselves an indemnifier?
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