In light of a poll that showed that “around four in 10 people renting would think about moving back in with their family so they could raise a deposit for their first home”, an exciting mortgage product from Skipton Building Society makes it the perfect time to start searching for properties if you’ve been renting and are looking to buy your first home.

We recommend you don't wait too long, as this opportunity to borrow up to 100% Loan To Value (LTV) without needing a deposit may not last forever.

The Skipton Building Society 100% mortgage is designed to help first time buyers who are currently renting to get into their first home. Eligible applicants can borrow up to 100% LTV without needing to have a deposit, as long as you can demonstrate a track record of paying rent and household bills consistently for at least 12 months within the last 18 months. Skipton Building Society also consider gifted deposits, and if you have a deposit of 5% or more you may qualify for their standard products instead. The monthly mortgage payment must be equal to or lower than the average of the last 6 months' rental cost, with a maximum term of 35 years and 4.49x Loan To Income (LTI).

To be eligible for this product, you must be aged 21 or over and either a first time buyer or have not owned a property within the last 3 years. You must have no missed payments on debts or credit commitments in the last 6 months and be looking to borrow up to £600,000. You must also meet the ‘household-to-household’ criteria, meaning that the same person/people currently renting must be the same person/people applying for the mortgage.

If you meet the criteria for the Skipton Building Society deposit free mortgage, you may be able to take advantage of this product, which could help you get onto the property ladder without needing a large deposit. Please note that this product may be withdrawn at any time without notice, so act fast to secure this opportunity.

Skipton Building Society criteria in summary.

  • Up to 100% LTV mortgage for first time buyers (or buyers who have not owned property within the last 3 years) who are currently renting, who can demonstrate a track record of affordability of ALL monthly rent and household expenditure for a minimum of 12 months in the last 18-month period.

  • If there is a deposit, the lender is happy to consider even if it’s gifted. If you have a deposit of 5% or more, you should seek a standard product as the product is designed for >95% lending.

  • The monthly mortgage payment must be equal or lower than the average of the last 6 months rental payments – e.g. if the average rent over the last 6 months is £800, the mortgage payment must be £800 or lower.

  • Max term 35 years.

  • Max 4.49x LTI (or 4.75x if income is > £100k).

  • Available on all property types with the exception of new build flats.

  • While deposits are permitted, they cannot exceed 5%.

  • You can use your savings to go ‘offers over’ – there is no requirement for you to use this as a deposit.

Who is eligible?

  • Each applicant is a first time buyer or has not owned property within the last 3 years.

  • Each applicant is aged 21 or over.

  • 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.

  • They have proof of having paid a minimum of 12 months’ consecutive rent within the last 18 months.

  • They have 12 months’ experience paying all household bills within the last 18 months.

Note: This product may be withdrawn at any time without notice. Any decision to apply for this mortgage product should be based on the individual circumstances of the applicant and should be made in consultation with a qualified mortgage advisor.

The mortgage product described above is subject to terms and conditions, which can be found at Track Record Information & FAQ.

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Rettie Financial Services Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority.

Rettie Financial Services Ltd. Registered Office Address: Deuchrie, Dunbar, East Lothian, United Kingdom, EH42 1TG. Registered in Scotland Number: SC711925.

For insurance business we offer products from a choice of insurers.

Your home may be repossessed if you do not keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of your property, nor that rental income will be sufficient to meet the cost of your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.