Skipton removes five-stories rule

Skipton Building Society has removed a restriction that would previously see it reject an application from a borrower who wanted to purchase a flat in a building more than five stories tall.

Previously, only flats within buildings of five stories or under and which contain 48 units or less were allowed.

However, this restriction has been lifted for flats which have at no time been a local authority properties.

Skipton head of products Kris Brewster says: “After reviewing our old policy, we could see that it really didn’t make sense to restrict our lending on quality flat developments simply due to their height or size when we have independent valuations in place.”