Skipton Building Society drop interest only maximum

Skipton Building Society drop interest only limits

Contact A Mortgage NowSkipton Building Society have announced that their policy on interest only mortgages will change with effect from tomorrow 27th March.

The current maximum loan to value on interest only applications of 75% will be dropped to 60%. Applications between 75% loan to value and 80% loan to value can be taken 60% interest only and the rest Capital Repayment.

All mortgages above 80% loan to value are available on a capital repayment basis only. Any Lending above £500,000 must be on Capital Repayment as must all lending to First Time Home Buyers.

This announcement continues the trends among lenders evidenced since January and is driven by the mortgage market review and the regulator’s position on interest only mortgages as part of that review.

If you require an interest only mortgage, or a mortgage from Skipton Building Society – contact us now.

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