Skipton Building Society has made changes to its lending criteria on shared ownership to support more borrowers on their journey to homeownership
Shared ownership is a government scheme that supports those looking for a help up onto the housing market by allowing you to purchase a share of the property you want to buy, between 25% and 75%, and rent the rest of your home from a housing association.
As a mutual, Skipton is keen to support schemes like shared ownership which supports people into homes. Lending criteria has been positively updated to enable customers to staircase in increments of £5,000 or more, as well as staircase to 100% ownership (at 95% LTV) which will support more borrowers on their journey to homeownership
Key Changes Include
- Extended 95% LTV lending for remortgage and additional borrowing applications.
- Remortgages of up to 95% LTV, where the customer is staircasing to 100% ownership.
- Lending of up 90% LTV if there are incentives on New Build Shared Ownership houses and flats of <=5%.
- Additional borrowing lowered to a minimum amount to £5,000 (previously £10,000), where there is an element of staircasing.
- Updated product range to support these changes.
John Scrivens, Skipton regional manager, said: “At Skipton Building Society for Intermediaries we look for ways to help more people own homes of their own, so we’re pleased to announce these fantastic changes to our Shared Ownership criteria.”
