Skipton Building Society for Intermediaries is now offering a Track Record Mortgage product that is perfect for first-time buyers who have a track record of paying rent and other household bills. This mortgage product offers up to 100% LTV, allowing those with little to no savings to purchase their first home.

In order to be eligible for this mortgage product, applicants must have been renting their current property for the 12 consecutive months within the last 18 months and can demonstrate an affordability of all rental payments and household expenditure over that period. The monthly mortgage payment must not exceed the average of the last 6 months’ rental cost.

The maximum term is 35 years, with a maximum loan-to-income of 4.49x. Household-to-household applications are accepted, meaning those who are already renting the property they wish to purchase can be eligible for this mortgage product, as long as all rental and household expenditure payments have been covered by them for at least 12 consecutive months in the last 18 months. Joint applicants who have been renting separate properties can also be eligible, as long as both applicants can provide evidence of individual rental and household expenditure payments over 12 months.

If the applicant has a deposit of 5% or more, they should consider Skipton Building Society’s standard products instead, as Track Record is designed for loans greater than 95% LTV. If the client’s deposit is gifted, Skipton Building Society is happy to consider it.

Who is eligible?

• Each applicant is a first time buyer
• Each applicant is aged 21 or over
• If they have a deposit, it must be less than 5% of the purchase price
• Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months
• They are looking to borrow up to £600,000
• They meet the household-to-household criteria (see below)
• They're 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
• They have 12 months experience paying all household bills within the last 18 months.

Overall, the Track Record Mortgage product from Skipton Building Society for Intermediaries is a great option for first-time buyers who need help getting their foot on the property ladder. With its generous loan allowance and flexible eligibility criteria, this mortgage product is sure to open up many doors for those looking for their first home.

For more information visit Skipton for Intermediaries' page here

Contact us today and we will be able to check your eligibility for the Track Record Mortgage, telephone us on 0151 662 0188 or email [email protected].