100% mortgages are back!
Posted on 9th May 2023 at 13:25
Unlock the potential to buy your home ... without a deposit!
Skipton Building Society have today launched a mortgage product that requires no deposit.
Their 'Track Record Mortgage' is specifically for first time buyers to try and help them get on the property ladder. With most lenders wanting a minimum of 5% - 10% deposit, this could open the door for applicants who pass the affordability checks with lenders but cannot save for the deposit.
The key eligibility criteria is:
• Each applicant must be a First Time Buyer
• Each applicant must be aged 21 or over
• The same people who are renting now (and have been for the last 12 months) must be the same people on the mortgage
• Must have proof of having paid rent for at least 12 months’ in a row, within the last 18 months
• Must also have 12 months experience paying all household bills within the last 18 months
• Each applicant will have no missed payments on debts / credit commitments in the last 6 months
• The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost
• The deposit must be less than 5%
• Maximum loan size £600,000
• Not available on New Build flats
To find out more, please email email@example.com
07305 396 811
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