With this exciting new mortgage product from Skipton Building Society now is the perfect time if you are renting and looking to buy your first home to start searching for properties. Don't wait any longer, as this opportunity to borrow up to 100% Loan To Value (LTV) without needing a deposit may not last forever.
Skipton is now offering a mortgage product designed to help first-time buyers who are currently renting, to get into their first home. With this product, 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 a first-time buyer, aged 21 or over, with no missed payments on debts or credit commitments in the last 6 months and 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 this criteria, 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 Please note that this product may be withdrawn at any time without notice, so act fast to secure this opportunity.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 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, we are happy to consider even if it’s gifted. If the client has a deposit of 5% or more, they should seek our standard products as Track Record is designed for >95% lending.
- The monthly mortgage payment must be equal or lower than the average of the last 6 months rental cost – 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
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
- 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
Note that this product may be withdrawn at any time without notice. Rettie Financial Services is not responsible for any errors or omissions in the information provided above. 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.
GET IN TOUCH TODAY with our Mortgage and Protection Team to organise a no obligation consultation.
Call us on: 03301 759 977
Email us on: [email protected]
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.