Read about the latest updates to our service, discover what’s new for brokers and their clients in Scotland and take a look at our FAQs.
Product Update:
- Tomorrow we’re reinstating new purchase Residential fixed and Buy to Let (BTL) tracker mortgage lending up to 75% LTV, and launching a bespoke Interest Only range.
- We’ll also be refreshing our BTL fixed range next week which includes purchase products up to 75% LTV.
You can find the key changes on our product range page.
Scotland Only Update:
- We’ll also be launching a new Scotland Only product range with products available up to 95% LTV, designed for Scottish applications only. Purchase applications are available with a valid Home Report of less than 6 months old.
Important Income and Affordability Update:
- It’s important that you inform us of any changes to your client’s income at any point prior to completion. This includes applications who have been furloughed.
- For new cases, we will accept cases from applicants who have been furloughed. Affordability will be based on the furloughed income including any employer top ups. The maximum LTV for all cases where applicant(s) are relying on furloughed income is 60%.
- If your client’s income reduces and continues to pass affordability without any reliance on furloughed income, then furloughed income LTV limits do not apply.
- This policy applies to all new lending including Additional Borrowing and remortgages with any element of capital raising.
- Product transfers are excluded from these restrictions, unless the borrower is also seeking Additional Borrowing.
We recently put together a series of FAQs you might have around our current lending proposition, which you can find here.
In the meantime, if you’d like to contact us, we recommend that you use web chat or email us at bdmsupport@skipton.co.uk.
