Deposit-free mortgage for renters

The Track Record mortgage from Skipton Building Society aims to help break the cycle of renting, helping you to get onto the property ladder.

Available only to first-time buyers who are tenants, with a proven record of rental payments, the mortgage offers borrowing of up to 100% of the property value.

The mortgage loan is subject to affordability, with the building society estimating the total mortgage value in comparison to rental payments.

Applicants will need to meet the relevant criteria and be over the age of 21, with a good credit rating.

The five-year fixed rate means you could make steady repayments each month and plan your finances accordingly for a full five years.

Alternative deposit-free mortgages are being offered by other UK lenders. Right now, Skipton Building Society’s Track Record mortgage is the only one without the need for a guarantor.

Recommended by one of our independent financial advisors, this is the first time a deposit-free mortgage has been available since 2008.

If you’d like financial advice and guidance about a mortgage that’s right for you, we’d be happy to introduce one of our trusted partners.

Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Sources:
https://www.independent.co.uk/money/deposit-free-mortgage-first-time-buyers-skipton-b2335437.html
https://www.skipton.co.uk/press-office/press-release-article?BlogID={13A47958-66DB-4D1A-B686-F7BFCF3FD742}