"..a move to further support one of the first and arguably most important rungs on the UK’s property ladder."
The move will in particular support the London and South housing markets, where first time buyers with good jobs and deposits struggle to meet lenders affordability criteria. With average monthly rent payments in London estimated at £1,500, removing the maximum loan size cap will enable many more to get on the housing ladder.
Kris Brewster, Skipton’s Head of Products, said: “This is yet another move we have made following listening to customer and broker feedback, and us updating our criteria accordingly. At Skipton we’re proud to support real life lending needs – be it making it even easier for our broker partners to get in touch via webchat, through to winning multiple awards and accolades for our mortgage offering.
It’s important that we continually review our lending criteria, as we all know how fast the UK mortgage market changes. People who have good jobs, earning very healthy salaries, and have saved up large deposits, are still being priced out of the south and London markets. This move will enable more first time buyers to move away from renting, and to get the keys to their first home.”
