Skipton interest only mortgage rates LTV cut to 60 per cent.
Skipton Building Society have announced a cut to its interest only mortgage rates loan to value level.
The interest only mortgage rates LTV change applies to both the Skipton’s direct and intermediary mortgage channels. Deals will now be offered for a maximum LTV at 60 per cent which is a 15 per cent reduction on the previous level.
Mortgage applications will be accepted for up to 80 per cent LTV. However, Skipton will accept a maximum 60 per cent LTV on interest only basis, the remaining 20 per cent has to be taken on a capital and repayment interest basis.
The lender has however confirmed that there are no changes planned for what it will accept as an adequate repayment vehicle to cover the capital repayment at the end of the mortgage term.
Interest only deals are still available despite both the MMR and FSA's attempts to push them towards becoming a niche mortgage product. Contact Deal Direct for lenders best mortgage rates today and we will source for you a competitive deal for you.
