Skipton withdraws mortgage rates for 95 per cent loan to value.
Mortgage rates offered by the Skipton Building Society to customers with a 5 per cent deposit have been temporarily withdrawn.
The lender who entered the 5 per cent deposit market last March has advised that a temporary product withdrawal is necessary to manage unexpected and unprecedented demand.
A Skipton spokesperson commented saying that since the beginning of 2012 the lender has experienced a significant increase in the uptake of mortgage rates at 95 per cent loan to value. As a result of this increase deals have become over subscribed and so products have been pulled to manage lending levels.
While Skipton have withdrawn their 5 per cent deposit deals other lenders have competitive products on offer. Barclays Bank, Nationwide and Natwest are all signed up to the Government's NewBuy scheme and offer mortgage deals for those with a 5 per cent deposit.
The Newcastle Building Society also offer mortgage deals for 95 per cent LTV. They have a 2 year fixed rate mortgage at a rate of 5.95 per cent with a £995 fee and a fee free version at 6.25 per cent which comes with £300 cashback.
Aldermore Bank are going one better as they offer 100 per cent LTV deals, 2 and 3 year fixed rate products are offered at 5.98 per cent with a £1,298 fee. However a family member is required to guarantee the deal .
For low deposit products contact Deal Direct's skilled advisers who can source the most competitive mortgage rates currently on offer.
