Skipton 95% LTV deal will be direct only

Skipton Building Society is launching a deal for first-time buyers at up to 95% LTV which will only be available from the lender’s branches and direct channels.

The mutual is launching a range of products aimed specifically at first-time buyers and which offers discounted deals for existing Skipton customers and their families. It includes a two-year fixed rate deal priced from 4.99% to 6.99% for existing customers , with LTVs between 85% and 95%, and a £995 fee.

New customers can access the products from 5.19% to 7.19%.

Skipton is also offering a two-year tracker starting from Bank of England base rate plus 4.19% for existing customers and 4.39% for new customers, with a maximum LTV of 90%.

It comes with a £695 product fee.

The building society is also launching a range of 90% LTV deals available to brokers with Skipton’s subsidiaries Pink Home Loans and Connells.

The broker deals include a three-year fixed rate deal at 5.29% at up to 85% LTV and a three-year fixed rate deal at 6.59% at up to 90% LTV.

Richard Andrews, products controller at Skipton, says: “We have a limited tranche of funding available to gauge demand, and the customer response will help shape our mortgage offering during the rest of this year.

“We understand that many borrowers – both first-time buyers and those looking to move home – are struggling as a result of the historic recession and resulting housing market volatility.

“We hope this range will provide them with a much-needed helping hand to achieve their home ownership aspirations.

“In reflection of our mutual values, it also combines innovative, good value product solutions with loyalty rewards which recognise our members’ ongoing, strong commitment to the society.”

The direct products will launch on May 17.