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Skipton cuts interest-only LTV to 60%

Skipton Building Society is to cut its maximum loan-to-value for interest-only lending from 75% to 60%.

The changes apply to the lender’s direct and intermediary channels.

From tomorrow, for applications up to 80% LTV, a maximum of 60% LTV can be taken on interest-only but the remaining 20% must be taken on capital and interest basis.

For applications over 80% LTV, borrowers must take out the loan on a capital and interest basis only.

Any outstanding interest-only applications up to 75% LTV can be submitted until close of business tonight, with the new rules taking effect from tomorrow morning.

The lender has not made any changes to its acceptable repayment vehicles.

 

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