Skipton Building Society has announced that from Friday 17 October it will be expanding the range of mortgage products available only to Lifetime Isa holders.
In total there will be six new purchase products, consisting of three two-year fixes, with £500 cashback, and three five-year fixes, with £1,000 cashback. They will be available at 85 per cent, 90 per cent, and 95 per cent LTV.
Skipton was the first lender to offer a cash Lisa in 2017, and was subsequently followed by Nottingham Building Society and Newcastle Building Society, announced in Q3 and Q4 of this year, respectively.
This move comes soon after the government rejected calls to scrap the Lisa, as reported by Mortgage Strategy last week.
Skipton head of products Kris Brewster says: “We welcome the government’s commitment to the Lifetime Isa product. There is clear evidence that the Lifetime Isa helps to answer the needs of a new generation of savers, supporting property ownership and preparation for life ahead. Over 120,000 of our members are already using the product to boost their savings, with over nine out of ten looking to buy their first home.
“By widening the choice of loan to value on its Lisa exclusive range, the society is further answering the needs of a new generation of savers by assisting them in getting a foot on the property ladder.”