Skipton Building Society launches ‘Track Record Mortgage, a 100% mortgage (£0 deposit) that encourages renters onto the property ladder.
- Skipton has opened applications to all first-time buyers currently living in rented accommodation
- Applicants can borrow 95%-100% LTV for a five-year fixed rate at 5.49% with a maximum term of 35 years
Today, 9th May 2023, Skipton Building Society has launched its Track Record Mortgage, a 100% mortgage option for those currently renting.
Home ownership might be closer than you think. If you’re renting but looking to buy your first home, we’re now offering a mortgage where no deposit is needed.
– Skipton Building Society
The aim is to open up the housing market to those currently renting and make it easier to get people on the property ladder.
Who can apply for the 100% mortgage?
You could be eligible for the Skipton Building Society Track Record Mortgage if:
- All applicants are a first-time buyer
- All applicants are 21 or above
- All applicants have >5% deposit
- All applicants haven’t missed any payments, debts or credit commitments (this could include a mobile phone payment or credit card bill) in the last 6 months
- All applicants would like to borrow up to £600,000
- All applicants aren’t planning to purchase a new-build flat
- Applicants can provide proof of paying at least 12 months’ rent in a row, within the last 18 months
Applicants that meet the above criteria, can use the Track Record Calculator on the Skipton website to get an ‘initial indication of the maximum amount you might be able to borrow based on your average rental payments over the last 6 months.’
This comes at a time when 4.6million households are renting privately across England, according to Skipton, over x2 the number recorded in 2000. According to Moneyfacts, there are 15 other 100% mortgages on the market, however, they all come with the caveat that a guarantor must be provided.
Michael Thompson, Director of Key Solutions Mortgages says, “This could be great news for those who are stuck in rented accommodation. It won’t be right for everyone but definitely a step in the direction for first-time buyers. Speak to a mortgage adviser to find out if it would work for you.”
If you have any questions about Skipton Building Society’s new Track Record Mortgage and would like to discuss your eligibility for the 100% mortgage, please get in touch with a member of our team.
