Skipton Building Society launches new mortgage range including £1,500 cash back
Skipton Building Society has launched a new low-rate mortgage range
PA
Skipton Building Society is offering a new range of accounts with mortgage options including £1,500 cashback.
As part of this range, they have also introduced a new first-time buyer savings account which pays 5.06 per cent interest.
The Building Society has launched this range in a bid to help "more people get onto the property ladder".
The new mortgage options include a five-year fixed rate mortgage at 5.89 per cent up to 95 per cent loan-to-value (LTV) with £0 fee and £1,500 cashback.
A two-year fixed rate mortgage is also included at 6.09 per cent up to 90 per cent LTV with £0 fee.
Lastly, a five-year fixed rate mortgage sits at 5.69 per cent up to 95 per cent LTV with £0 fee.
A two-year fixed rate mortgage is also included at 6.09 per cent up to 90 per cent LTV with £0 fee
GETTYThese products come with several extras, such as an income booster option, free valuation for mortgage purposes, discounted level 2 and 3 surveys, mortgage terms of up to 40 years, and a loan-to-income ratio of up to 5.5 times.
Britons can also open a Home Deposit Saver which offers a variable interest rate of 5.06 per cent with a £500 monthly deposit (rollover option).
Account holders can also benefit from a a two-year term with a maximum balance of £12,000, no withdrawals allowed, but closures permitted.
It is open to all customers with no member restrictions and limited to one account per customer.
The new first time buyer range is in response to the Skipton Group Home Affordability Index which for the first time reveals the stark reality of securing a home in Great Britain.
The index showed only one in eight potential first-time buyers in Great Britain can purchase the average first-time buyer property in their area.
This falls to just one in 100 for those earning £22,850 or less.
Wales, East Midlands and London were identified as the least affordable areas in Great Britain.
Charlotte Harrison, CEO of home financing at Skipton Building Society, said: “Everyone should have somewhere to call home, but achieving that today is an insurmountable struggle for far too many.
“And today a clear picture has emerged from Skipton Group’s Home Affordability Index out today showing the enormous struggle facing renters and first-time buyers across the country, with only one in eight potential first-time buyers in Great Britain being able to purchase the average first-time buyer property in their area.”
She added: “The challenge for first-time buyers in particular is urgent, and while it demands coordinated innovation and collaboration, we at Skipton want to do our bit.
“We know it’s all very well highlighting key housing issues, but this doesn’t help anyone if you don’t spend time exploring and investing in the solutions.
“Which is why, today I’m pleased to announce our new range of first-time buyer products, to help get more first-time buyers onto the property ladder.”