Track Record Mortgage for First Time Buyers
10th May 2023
We are looking at recent changes in the First Time Buyer market and Skipton Building Society have launched their new 100% Track Record Mortgage product. Please get in touch as we can also provide access on various other funding options.
For too long, deposits have held back renters from becoming homeowners. With house prices and the cost of living rising, how can people be expected to pay their rent, keep up with bills and save 5 figure sums for deposits?
At Skipton, they believe that needs to change. Which is why they’re putting their money where their mouth is with a brand-new Track Record mortgage – the first of its kind – they will look at a renter’s history of making rental payments, and if they meet affordability criteria, they can access a mortgage without a deposit.
This could be the start of the great shift – turning generation rent into generation homeowner.
- Residential 5 year fixed
- Up to 100% LTV | No Fee
Key eligibility criteria
- Each applicant must be a First Time Buyer
- Each applicant must be aged 21 or over
- The same people who are renting now (and have been for the last 12 months) must be the same people on the mortgage (exceptions apply – see their website for more information)
- Must have proof of having paid rent for at least 12 months in a row, within the last 18 months
- Must also have 12 months experience 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
- The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost
- The deposit must be less than 5%
- Maximum loan size £600,000
- Not available on New Build flats
Full eligibility criteria can be found at www.skipton-intermediaries.co.uk/criteria/track-record
Please note that this product has limited availability and may be withdrawn at any time, without notice.
📱 0161 962 7800
Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.