What Does it Mean for You?
In essence, the mortgage deal is aimed at helping first-time buyers and renters without a house deposit get onto the property ladder and can be used on properties up to the value of £600,000.
SBS says the deal is to help people “trapped in rental cycles” who are often prevented from being able to save for a deposit to buy a house for the first time.
The “Track Record” Mortgage will allow people with a strong history of paying their rent on time and in full to buy their first home with little-to-no deposit.
First-time buyers aged 21 and over will be able to take out a mortgage up to 100% of the value of the property they want to buy. However, they must provide evidence of paying rent for 12 months in a row (over the last 18 months) and have a good credit rating to be eligible.
Whereas 100% mortgage deals in the past required a family member as a guarantor, Skipton Building Society’s new offering only needs evidence of the rental payments to show affordability for a mortgage.
Take the time to explore this exciting offer, gain insights into your affordability, and uncover your dream home by speaking with one of our Sales Advisors today!
Karen D at The Alders in Skipton: 01756 636633
Karen L at Bolton Gardens in Silsden: 01535 280309
