100% mortgages are back!

 

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 victoria@hdconsultants.net 

 

07305 396 811