New Build

Our New Build proposition has been designed with you and your clients in mind.

Jonathan Evans, National Accounts & New Build Lead explains how our New Build proposition aims to make things easier for you.

Service

• 9 month offers as standard for all New Build applications with a 3 month extension available, subject to up to date documents and re-score.
• 48 hour underwrite queue for New Build with additional documents to be reviewed within a 24 hours target.
• Able to value off plan. No charge for a standard property valuation for mortgage purposes where the property is worth less than £1.5 million.
• No application fees (all products).
• No completion fees on selected products.
• Clients buying a New Build house or flat who have an LTV over 90% will need to select a product from our dedicated New Build range, or a Track Record product if borrowing >95% LTV.
• Product selected at application is reserved for the duration of the offer plus any extension.

Policy

• We accept applications up to 95% LTV for New Build houses and flats.
• Our Track Record mortgage can be used to borrow up to 100% LTV for New Build homes (including Shared Ownership applications).
• Our Shared Ownership and First Homes England mortgages can be used to borrow up to 95% LTV for both New Build houses and flats. For Shared Ownership mortgages >95% LTV, we have a Track Record product available which can be used in conjunction with Shared Ownership.
• 40 year term max (25 years for any element of interest only).
• For flats above commercial properties, the minimum value permitted is £100k outside the M25, and £300k within the M25.
• No restriction on the number of floors in high rise blocks of flats, however, if this is more than 5, then lift access is required.
• Skipton's Exposure Limit per development is 20%.

New Build incentives

• Where the incentive amount is more than 2% and less than or equal to 5%, the maximum LTV will be reduced by 5%. For example, the maximum LTV for a standard new build application is 95%, if the property had an incentive of more than 2% then the maximum LTV available would be reduced to 90%.
• Financial incentives of 2% or less have no LTV restrictions applied.
• When applying for a Track Record Mortgage the minimum LTV must be over 95% to be eligible and so financial incentives of more than 2% are not acceptable for this product.