Skipton Building Society have just launched a brand new product called the ‘Track Record Mortgage’ allowing first time buyers to borrow up to 100% LTV!
Who is eligible?
- Each applicant is a first time buyer aged 21 or over
- Proof of paying rent for at least 12 months in a row within the last 18 months
- Experience paying all household bills within the last 18 months
- Each applicant has no missed payments on debts or credit commitments in the last 6 months
What is the criteria for the property or loan?
- The maximum mortgage term is 35 years
- The maximum loan amount is £600,000
- This product is not available on new build flats
- The monthly mortgage payment must be equal or lower than the average of the last 6 months rental cost
- If there is a deposit, it must be under 5% of the purchase price (this can be gifted)
