SKIPTON Building Society has re-entered the 95 per cent mortgage market with two deals to help first-time buyers get on the property ladder.

But the Society has warned that it expects to see a high level of demand for the five per cent deposit products and advises homebuyers not to delay their applications as the deals may have to be pulled at short notice.

The products, which are only available to first time buyers, are a fee free standard five-year fix at 4.17% and a fee-free Shared Ownership five-year fix at 4.52%. Only the Shared Ownership product can be used for new build or flats.

Alex Beavis, Skipton’s Head of Mortgages, said: “The time is now right for Skipton to once again support first-time buyers who have been able to save a five per cent deposit.

“The Society is in a strong financial position and this means we can re-enter the 95% market with confidence, focused on delivering on our mutual purpose of enabling homeownership and supporting this most underserved segment of first-time buyers.

“Given the pent-up demand from buyers being unable to access 95 per cent deals over the last year or so, we expect to see high volume levels of applications.”

Other key details:

Criteria for 95 per cent lending

• No furlough

• 50% additional income can be included (2 years evidence)

• Not available on flats or new build (except Shared Ownership)

• Max LTI 4.49.

• Available direct and intermediary

• Max loan - £450k.

Criteria for Shared Ownership

• Available on flats and new build

• No furlough income

• 50% additional income can be included (2 years evidence)

• Max LTI 4.49

• Available direct and intermediary

• Max loan - £450k.