Up to 75% Lending
Skipton Building Society have recently announced they will now lend up to 75% on new build flats. The move comes as part of its buy-to-let policy changes that came into effect on 29th March 2022. New build flats were previously not available through Skipton Building Society, but the change has been made since more clients have shown an interest in new build flats due to the environmental and energy efficient qualities they inherently possess.
Skipton intermediary lead John Scrivens spoke on the recent policy changes: “We regularly seek feedback from brokers, and we have seen a real shift in that feedback recently, the BTL market is changing, and the topic of more energy efficient properties is becoming a regular conversation point with landlords.
“It is, therefore, really exciting that not only are we entering the new build flat market for BTL, but we are keeping things simple by lending up to 75% on them too.”
Good News For Landlords
The decision comes as a welcome one to investors within the sector, as well as serving as good news for landlords and the wider buy-to-let market as a whole.
On top of Skipton commencing lending on new build flats – The Cambridge Building Society has also increased the loan to value available to those looking to buy new build flats to 85% as more and more lenders look to increase the options available to first time buyers with demand for properties in the UK at such a high level.
