Available immediately, the new range can be used for new build houses and flats to 90% LTV.
According to the lender, the products include two-year fixed rates at 2.19% to 90% LTV with a £995 fee and 2.68% fee-free, as well as five-year fixes from 2.65 to 90% LTV with a £995 fee and 2.94% fee-free.
For those wishing to remortgage on shared ownership, the range includes a fee-free two-year fix at 2.84% to 90% LTV and a fee-free five-year fix at 2.98% to 90% LTV, all with a choice of either £500 cashback or free standard legals.
Kris Brewster, Skipton’s head of products, said: “Skipton is offering an increased proc fee on shared ownership cases to recognise the extra work required by a broker in order to pre-qualify the applicant for the housing association. Also case sizes would normally be lower as only part of the property, rather than the whole, is being purchased.
Skipton continues its commitment to build mutually strong relationships with our valued professional partners and so we’re delighted to announce the trial of our first shared ownership mortgage, with three of our key distributors.
At Skipton Intermediaries we spend a great deal of time talking with and listening to our broker partners and regularly action upon their feedback. We know through regularly discussions with our key partners that there is an increasing demand for shared ownerships mortgages to help people take their first steps onto the property ladder.
Before we launch the product to the whole of market, we wanted to pilot the product first and gather broker feedback, so when we do a full roll out of the product, we are able ensure it is tailored to all of our broker’s needs.”
Craig Hall, new build manager at Legal & General Mortgage Club, added: “Shared ownership provides an affordable alternative in helping customers onto the property ladder, who otherwise may have thought it was not possible.
Despite the success of the Government scheme many potential home buyers are still unaware of the scheme, and as an industry there is work to be done in promoting its benefits. We have been delighted to assist the Skipton Building Society in developing their proposition and for choosing us as one of its key distributors and as more lenders enter this space.”
