Home ownership might be closer than people think with this new mortgage:
Skipton Building Society has introduced a new mortgage product called the Track Record Mortgage, which allows renters to borrow the full purchase price of a property on a 5-year fixed rate of 5.49%, over a maximum term of 35 years.
To qualify for this loan, tenants must be over twenty-one and have a strong track record of rental payments, and it is only available for their first home purchase. The loan comes with no fees and ensures that borrowers will not pay more per month than their current rent.
Skipton’s research suggests that eight out of ten tenants feel trapped in rental cycles, due to high rents and increasing living costs that make it difficult for them to buy a home.
The number of households renting privately across England has risen by 112% since 2000, and there are currently 4.6 million such households. The average cost of a first-time buyer home in April was £224,963, a 2% increase from the previous year.
Skipton is one of the few lenders on the market offering a 100% loan-to-value mortgage without requiring a guarantor.
Our mortgage specialists are here to help you understand the mortgage options available to you and guide you through the entire process, from your first call, right up until you get your keys to your dream home.
Take your first step towards securing the right mortgage and speak to one of our specialists today.