Skipton offers new product to FTBs

08-Sep-2008

High street building society Skipton has launched new plans aimed at helping first-time buyers (FTBs) on to the property ladder.

The maximum loan-to-value ratio will be raised on its specialist product as of September 15th, with higher lending limits being offered when a family commits to saving with the company.

Mutually Exclusive is the name of the new scheme, which will see maximum loan values increased to 95 per cent.

Steve Haggerty, managing director of Skipton, says: "At a time when other lenders are abandoning FTBs, we are actively seeking ways to support them. FTBs are the life-blood of the market, without them it cannot operate properly."

A deposit of up to 20 per cent of the property purchase price is made with Skipton, with the society paying interest on this deposit.

It takes charge against it until the loan is repaid or reviewed in light of the equity position.

Figures from the Council of Mortgage Lenders last month revealed that 47,000 home loans were approved in June 2008.

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