Skipton 100% Mortgage For First Time Buyers
Tenants can now obtain a 100% mortgage from Skipton Building Society, allowing them to climb the housing ladder without having to put down a deposit
All first-time buyers who are currently renting and meet the lender’s affordability requirements are eligible for the mortgage, which allows them to borrow up to 100% of the value of the house.
Charlotte Harrison, of Skipton, said: ‘People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society.
‘With escalating rents and the cost-of-living squeeze further impacting people’s ability to save for a house deposit – it’s making it almost impossible for people get onto the property ladder.
‘We recognise there’s a clear gap in the market for people who have a strong history of making rental payments over a period of time and can evidence affordability of a mortgage – but there is currently no solution for them to buy a property due to lack of savings or access to family wealth.
To Be Eligible for The 100% mortgage
- 100% Mortgage – No deposit needed. Maximum deposit is limited to under 5%.
- Track record of supporting rental payments at the same level (or higher) than the
- planned mortgage, based on 6 month average.
- History of at least 12 months rental payments in a row, within the last 18 months.
- Must have six months continuous employment.
- Maximum mortgage £600,000.
- Minimum age 21 years.
- Repayment Mortgage Only
- Must take the 5 year fix rate only.
- Not available on New Build properties.
Skipton Building Society is a UK-based financial institution that offers a range of mortgage products. They provide mortgages for various purposes, including purchasing a new home, remortgaging, buy-to-let properties, and more. Skipton Building Society is known for its customer-focused approach and competitive mortgage rates.
To obtain detailed information about Skipton mortgage rates, products, and eligibility criteria, it is best to visit their official website or contact their customer service directly. Their website will provide up-to-date information on their mortgage offerings, including fixed-rate mortgages, variable-rate mortgages, and other specialized products.
When considering a Skipton mortgage or any other mortgage, it’s a good idea to compare rates and terms from multiple lenders to ensure you find the most suitable option for your needs. Additionally, consulting with a mortgage advisor can be beneficial, as they can provide personalized advice and assist you throughout the mortgage application process.