Skipton Building Society has launched a range of first-time buyer products which include a suite of mortgages and £1,500 cashback products, with supportive home buying extras to help first-time buyers.
Skipton also launched a first-time buyer savings product within the range, which pays 5.06%.
The first-time buyer range will be available from tomorrow, Tuesday 23rd July.
The range was designed to support first-time buyers by helping them to better save for this key life milestone and alleviate some of the upfront costs in buying a home.
It includes 5-year fixed-rate mortgage at 5.89% up to 95% loan-to-value (LTV) with no fee and £1,500 cashback.
The mortgages without cashback include a 2-year fixed-rate mortgage at 6.09% up to 90% LTV with no fee and a 5-year fixed-rate mortgage at 5.69% up to 95% LTV with no fee.
All mortgage products include an income booster option, free valuation for mortgage purposes, discounted level two and three surveys, mortgage terms up to 40 years, and a loan-to-income (LTI) ratio of up to 5.5-times.
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 been able to purchase the average first-time buyer property in their area.
“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.”
