Connells and Skipton provide lifeline to first time buyers with new mortgages up to 95% LTV
02 March 2011
Connells Group has teamed up with Skipton Building Society to launch new 95% and 90% LTV mortgages to help buyers with smaller deposits onto the housing ladder.
• 2-year fix to 95% LTV: 6.49%
• 2-year fix to 90% LTV: 5.89%
A subsidiary of the Skipton Building Society Group, Connells has almost 500 branches and is the UK’s second largest and most successful estate agency and property services group.
The competitive, limited edition new 2-year fixed rate products will be available exclusively via Connells Group’s national team of mortgage consultants and today’s launch marks the first time since the credit crunch that a 95% mortgage product has been available to buyers via a leading mortgage intermediary.
Both products are being launched in response to a clear market need from buyers who are struggling to raise the large deposits required to secure a mortgage.
Key Product Features:
2-year Fixed Rate up to 95% LTV
• Interest Rate: 6.49%;
• Application Fee: £195;
• Completion Fee: £0.
2-year Fixed Rate up to 90% LTV
• Interest rate: 5.89%;
• Application Fee: £195;
• Completion Fee: £995.
Criteria Applicable to both products:
• Early Repayment Charge: 3% until 31/5/13;
• Overpayments of up to 10% per annum during product term;
• Revert to: BBR + 4.45%.
Ross Bowen, Group Mortgage Director for Connells, added: “For over a decade, Connells’ unique and tightly controlled mortgage distribution model has delivered high quality and efficiently introduced mortgage business to its restricted panel of lenders.
“I am delighted with this groundbreaking initiative, which will see Skipton drawing upon Connells’ market leading mortgage services.”
Ross added; “Right now, I can’t think of anything more important than helping our customers secure their first home. First time buyers are the lifeblood of the housing market and - with purchase transactions still languishing at less than half the level seen in 2007 - I hope that we will see more initiatives like this aimed at helping to get more people into homeownership.”
Paul Darwin, Skipton’s Head of Intermediary Lending, said: “This is the first time Skipton has offered a 95% LTV product specifically aimed at helping first time buyers via the intermediary channel since 2007.
“Teaming up with Connells represents an efficient way of making these products available to a wide segment of the market, while Connells’ lending expertise and experience will help us to ensure these higher LTV loans are offered prudently, in situations where we are confident borrowers are not over-stretching themselves.”
Paul added: “This limited tranche of funds will enable us to gauge appetite within the intermediary market, with a view to expanding our product range to more intermediaries in the future, and is very much in line with our plans to increase lending in a controlled way during 2011.”
These exclusive products are available via any of the Connells Group’s mortgage consultants, for properties sold by the Group, and are subject to other terms and conditions which are available on request.
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For further information or to arrange interviews, please contact:
Skipton Building Society: call 08456 017247, email firstname.lastname@example.org or visit the press section of our website at www.skipton.co.uk
Connells Group: call 01525 215419 or email Julia Brook, Group PR Manager: Julia.email@example.com or Christine Webb, Group PR Executive: Christine.firstname.lastname@example.org
Notes to editors
Terms and conditions apply to both mortgage exclusives.
About the Connells Group:
Founded in 1936 and comprising of almost 500 branches nationwide, the industry-leading Connells Group is the second largest and most profitable UK estate agency network. In addition to operating under the Connells brand, the Group trades under other well-known local names including Allen & Harris, Bagshaws Residential, Barnard Marcus, Brown & Merry, Fox & Sons, Jones & Chapman, Manners & Harrison, Roger Platt, Shipways, Swetenhams, William H Brown, Sharman Quinney and Pattison Lane. As well as residential property sales and lettings, the Group has a comprehensive range of B2C and B2B services including new homes, mortgage services, conveyancing, EPCs, surveying, corporate lettings, asset management, land & planning, LPA receivers, auctions and relocations. The Connells Group is consistently named Best Large Estate Agency at the Estate Agency of the Year awards, winning the top prize for four of the past six years. It is also highly acclaimed in the New Homes category, winning Gold five times in the last six years, and in the Financial Services category for which it currently holds the Gold prize. For more information, please visit www.connells.co.uk
Skipton is the UK’s fourth largest building society, with approximately 779,000 members, nearly £14bn of assets and a national presence represented by its 104 branches and three agencies, covering the country from Aberdeen to Plymouth. It heads the Skipton Building Society Group, whose subsidiary companies have significant interests in estate agency and related businesses (through the Connells group); provision of financial services outsourcing (through Homeloan Management Limited); independent financial and related advisory businesses and support services to the mutual sector.