New Skipton Building Society “Track Record Mortgage” product for first-time buyers

the track record mortgage allows first-time buyers that can prove that they can afford to rent to buy their own property
Published on 9 May 2023

Skipton Building Society have launched the first-time buyer “Track Record Mortgage”. The product is designed to reward applicants who have a solid track record of making monthly rental and household payments on time. The new product is based on the applicant(s) demonstrating their ability to pay the monthly mortgage amount. It is available to first-time buyers with a track record of paying monthly rent and household bills. And to make the news even better, it’s available up to 100% Loan to Value (LTV).

Track Record Mortgage Highlights

This new product is for first time buyers who have rented for at least 12 months in a row within the last 18 months. They must have proof of having paid rent for a minimum of 12 months. They also have to have 12 months experience paying all household bills. They must demonstrate a track record of affordability of the rental payments and ALL monthly household expenditure. Other eligibility criteria for the product include:

  • The monthly mortgage payment must be equal or lower than the average of the last 6 months rental cost
  • Minimum age of the applicant is 21 years old.
  • Deposit must be less than 5% of the purchase price (family gift is acceptable)
  • No missed payments on debts / credit commitments in the last 6 months
  • Maximum loan £600,000
  • Not available for new build flats

Joint applicants renting separately will be eligible, however the rental evidence will be required for both parties.

Great opportunity for first-time buyers

This is great news for people renting who are currently paying more than their future mortgage payments would be – but may not have a deposit. With monthly rent, bills and everything else to pay for, saving for a house deposit can be a challenge. It can be frustrating for people that can afford to rent but can’t make that first step onto the property ladder because of a lack of deposit.

But now, by proving their ability to sustain household expenditure at a level greater than the potential mortgage they can purchase their own property. The product comes with a 5 year fixed interest rate so even if interest rates go up or down during that time, your payment won’t change.

Alastair McKee, CEO at 177 Mortgages said “We are buzzing with excitement over this news. It’s a huge development in the mortgage products market. This is a really innovative products that opens up a new opportunity for first-time buyers. Being able to demonstrate that you can afford to rent – they really can afford to buy their own home.”

This is a really innovative product that opens up a new opportunity for first-time buyers – they really can afford to buy their own home – Alastair McKee

Applying for the Track Record Mortgage

Applying for a mortgage can be a daunting task, especially if you’re a first-time buyer. That’s why using a mortgage broker to help you find and apply for a mortgage will really add value. The specialist New Homes Team at 177 Mortgages are fully briefed on all of the finer details of the new product so that you don’t have to worry. They can quickly tell you if you are eligible for this new product – so get in touch to find out more. They will be on hand to help you with your application – every step of the way. They are available 7 days a week and we don’t charge a fee!

And if you are a developer that is looking for a broker to help your clients then we would love to hear from you.

177 Mortgages and 177 Protect are open 7 days a week. We’re always happy to talk through your mortgage, specialist finance and protection needs in more detail. If you’d like to book an appointment or simply find out more information, please get in touch.

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