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.
Did you know?
We want to help more first time buyers onto the property ladder and one way we could help is through our Income Booster proposition. This provides an option for another party such as friends or family to join the mortgage so that their income can be used to calculate affordability. We will accept up to four applicants and up to all four incomes. Plus, we're lending up to 95% LTV on New Build houses and flats with Income Booster mortgages.