Skipton’s four new 95% LTV products, which are available to purchase both residential houses and flats up to a term of 35 years, include two-year fixed rates at 2.81% with a £495 fee and 3.27% fee-free, and five-year fixes at 3.25% with a £495 fee and 3.75% with no fee.
Alex Beavis, Skipton’s head of mortgages, said: “The Government’s reforms to shared ownership are a sensible and very welcome change for both existing and would-be shared owners.
Despite house price growth slowing across many parts of the UK, the average house price is still out of reach for many prospective homeowners. The previous 10% threshold for additional share purchases made the goal of full homeownership even more unrealistic, so a reduction to 1% is a positive step and will help make purchasing an additional stake in a shared ownership home a more affordable and achievable goal.
First-time buyers need to be given greater flexibility when taking out a mortgage. By extending our range of 95% LTV products to include shared ownership, we are giving first-time buyers an opportunity to get onto the housing ladder sooner than they might have expected.”
