Skipton increase their first-time buyer maximum loan size to £500,000
Skipton Building Society has increased its maximum first-time buyer mortgage loan amount from £300,000 to £500,000. Previously the maximum first-time buyer loan amount was capped at £300,000 but after mortgage intermediaries fed back that this loan size was too small for many properties the loan amount has been increased to £500,000.
Skipton Building Society's lowest two-year fixed rate for first-time buyers with a 25% deposit is 2.38%. The mortgage has a £995 arrangement fee, the APR is 5.3% and the rate reverts to 5.49% after the fixed rate period.
Aaron Strutt, product manager at Trinity Financial, says: "Many first-time buyers in London would need to borrow more than £300,000 and we often secure mortgages for borrowers buying their first home for well above £500,000."
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