The new criteria excludes incentives and is available via a select panel of intermediaries.
Borrowers can still apply up to 90% LTV on new build houses and all new build deals offer free immediate valuation instructions, extendable mortgage offer periods on a six months plus six months basis, up to £1,000 cashback on selected deals and access to a dedicated new build underwriting team.
Paul Darwin, Skipton’s head of intermediary relationships, said: “Our move to 90% LTV on new build flats reflects our belief that the market is being overly cautious in relation to new build properties which are being built to a high standard in areas of strong demand.
“We think this move further demonstrates our commitment to meeting the real life lending needs of our customers.”
All new build applications to Skipton are underwritten within its specialist new build underwriting team and Darwin encouraged applications from brokers with strong experience in new build lending to join its specialist new build partner panel.
He added: “Brokers interested in joining the new build partner panel are encouraged to speak to their local intermediary relationship manager.
“Our message to the country’s brokers is Skipton understands that new build business is incredibly important in the current climate. Skipton Intermediaries has launched this exclusive new build offering to meet the needs of brokers and their clients, ensuring they can offer clients a great deal along with some seriously speedy service.”
Jonathan Clark, mortgage partner at Chadney Bulgin, said: “New-build flats have been treated with contempt by most lenders for too long, so it’s great to see a more forward-thinking lender relaxing the criteria.”
