Skipton Track Record Mortgage

10 May 2023

Skipton Track Record Mortgage
Skipton Building Society have just launched details of a new 100% home loan exclusively for renters. Designed to help people off the high rent’s treadmill and into homeownership. This mortgage could certainly appeal to those keen to get on the property ladder but cannot afford to save up a large deposit or have access to ‘family money’.

Who can apply and what are the conditions 

There are quite a few hoops that applicants will need to jump through and must be a first-time buyer, aged 21 or over.  Here’s some of the other conditions to consider.

This new scheme is available to tenants currently renting and have been renting for at least 12 months. The applicants must have been renting for a minimum of 12 consecutive months within the latest
18-month period.

  • The tenants must be the same people on the mortgage (although some exceptions apply).
  • The tenants must have proof of having paid rent for at least 12 months in a row, within the last 18 months.
  • The applicants must have 12 months’ experience of paying all household bills within the last 18 months.
  • Each applicant will have no missed payments on debts / credit commitments in the last 6 months.

Can you use a deposit?

Any applicants must have less than a 5% deposit (if the client has a deposit of 5% or more, they should seek our standard products as track record is designed for >95% lending). The maximum loan available is £600,000 with a maximum term of 35 years.

This may prompt other banks and building societies to look at launching products to help people trapped in the private rented sector, where the average monthly costs keep soaring to new record highs, but we’ll have to wait and see.

Find out more

To find out more check the Skipton Track Record Mortgage website and call one of our mortgage team today to see how this could work for you.

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