New No Deposit Mortgages aimed at renters, launched by Skipton Building Society

Skipton Building Society have today launched a 100% mortgage aimed at the Renters market looking to buy their own home as First Time Buyers which will be known as the ‘Track Record Mortgage’    Borrowers will not have to contribute any deposit themselves!

Track Record Mortgage is heavily aimed at renters who can confirm a track record of paying their rent and other bills for at least 12 months over the last 18 months.

What are Skipton’s criteria for the 100% mortgage?

 Like other low deposit schemes of the past the product has its own criteria: 

Each applicant must be a First Time Buyer and over the age of 21 
If they have a deposit, it must be less than 5% of the purchase price and it can be gifted. 

• Each applicant must have no missed payments on debts or credit commitments like mobile phone in the last 6 months
• Maximum amount applicants can borrow is 600,000
• They meet the household-to-household criteria which means the same people who have been renting for the last 12 months must also be the applicants who are applying.  
• They are not looking to buy a new build flat
• They have proof of having paid rent for at least 12 months in a row, within the last 18 months along with all household bills
• The monthly payment must be equal to or less than the average monthly rent over the last 6 months
• Maximum Term for the mortgage – 35 years.  

With shortage of rental properties, and subsequent increases in rent, it is becoming a challenge for renters to save for a deposit.  Skipton’s new product will give these renters the opportunity to get onto the property ladder.  Other lenders will be watching very closely and if successful will not wait to launch their own. 

So how can Brooklyns Financial Help?

Will advise you on the options available that are bested suited to you. We are here to help you every step of the way Just give us a call 01628 564631 or email us info@brooklynsfinancial.co.uk for an initial chat? 

The information contained within was correct at the time of publication but is subject to change. 

Your home may be repossessed if you do not keep up repayments on your mortgage.