Skipton withdraws 95% LTV direct deal
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Skipton Building Society is withdrawing its 95% LTV direct mortgage on Wednesday.
The building society launched the 95% LTV deal in May.
It will still offer a 90% LTV deal on a semi-exclusive basis through Pink Home Loans and Connells, which it says will be available to a select number of brokers.
The society will not be offering any 90% LTV deals direct.
A spokeswoman for the society says the 95% LTV mortgage was launched for a limited time only.
She says: “The 95% LTV mortgage was a limited edition product. We launched the mortgage to test the market but we have now filled the tranche.”
She says it is in the process of reviewing its product range.
The mutual launched a range of products aimed specifically at first-time buyers on May 17, which offered discounted deals for existing Skipton customers and their families.
They included a direct 95% LTV two-year fixed rate deal at 6.99% and a £995 fee.
The society has also withdrawn its two-year fixed rate deal at 90% LTV and a three-year tracker at 90% LTV.
It has not withdrawn its two-year fixed rate 85% LTV deal and this is available both direct and through brokers.
When the society launched the deals, Richard Andrews, products controller at Skipton, said the society has a limited tranche of funding available to gauge demand, and the customer response would help shape its mortgage offering during the rest of this year.
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