Skipton Building Society launches 100% mortgage to help renters get on property ladder

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Renters are celebrating at the news that one of the UK's leading building societies, Skipton Building Society, has launched a 100% mortgage deal.

The mortgage deal is aimed at helping first-time buyers and renters without a house deposit get on to the property ladder and can be used on properties up to the value of £600,000.

Skipton Mortgages 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.

Called the "Track Record" Mortgage, it 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.

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The Track Record Mortgage will be fixed for two years to guard against the risk of falling into negative equity. This interest rate is more expensive than the average five-year fixed mortgage of 5%.

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.

The deal is to be launched in the next few days or weeks.

Are you looking to take advantage of Skipton Building Society's new deposit-free, 100% mortgage? Learn more about this exciting new mortgage offer, understand how much you can afford, and find your dream home by speaking with one of our Sales Advisors today.