Skipton helps first time buyers scale new heights

23 March 2004
Skipton has announced a mortgage scheme, which they hope will encourage first time buyers to sign up.

The Council of Mortgage Lenders has released figures that show new buyers make up just 29 per cent of the housing market.

Skipton's new two-year fixed rate mortgage of 4.99 per cent has been launched in a bid to boost this market, and ease the burden on newcomers.

It has become increasingly difficult for first-timers to get their foot on the property ladder. In fact, according to a report for Bradford and Bingley, one quarter of first time buyers have to wait four to six years before they are able to afford to buy property.

Skipton, the seventh largest building society, is offering added incentives. Among these are a fixed rate until June 30th 2006; £250 cashback; a free valuation, and a guarantor option.

Jennifer Holloway, head of media relations says, "There's never been a good time to buy your first house and, for the first time buyer in the current market, funding the purchase can be difficult. We are sure we can help many first time buyers onto the property ladder."