"The challenge for first-time buyers in particular is urgent, and while it demands coordinated innovation and collaboration, we at Skipton want to do our bit."
- Charlotte Harrison, CEO of Home Financing at Skipton
Skipton Building Society has launched a new range of first-time buyer products which include a suite of new mortgages and £1,500 cashback products, all packaged with home buying extras.
The new range includes five-year fixed rates starting from 5.69% at 95% LTV and a two-year fixed rate at 6.09% up to 90% LTV, both with no fee.
In addition to this, Skipton has also launched a new first-time buyer savings product within the range which pays 5.06%.
The new mortgage products are packaged with a suite of supportive extras including the Society's Income Booster option, a free valuation, and discounted level 2 and 3 surveys. The range offers mortgage terms up to 40 years and a loan to income ratio of up to 5.5x.
Today’s product launch is in response to the Skipton Group Home Affordability Index which has revealed the affordability challenges faced by first-time buyers.
Charlotte Harrison, CEO of Home Financing at Skipton Building Society, said: “Everyone should have somewhere to call home, but achieving that today is an insurmountable struggle for far too many.
“And today a clear picture has emerged from Skipton Group’s Home Affordability Index out today showing the enormous struggle facing renters and first-time buyers across the country, with only 1 in 8 potential first-time buyers in Great Britain been able to purchase the average first-time buyer property in their area.
“The challenge for first-time buyers in particular is urgent, and while it demands coordinated innovation and collaboration, we at Skipton want to do our bit.
“We know it’s all very well highlighting key housing issues, but this doesn’t help anyone if you don’t spend time exploring and investing in the solutions. Which is why, today I’m pleased to announce our new range of first-time buyer products, to help get more first-time buyers onto the property ladder.”
