
So you want to buy, but do not have a deposit available, and you have been paying rent and bills for at least a year? Exciting news, as Skipton have launched a new 100% percent mortgage product for renters who wish to get onto the property ladder but do not have a deposit to put down.
Skipton recognise there is 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.
The product offered is a 5yr fixed deal, and you can take the mortgage term up to a maximum of 35 years. Typically, you will be able to borrow up to 4.49x your income up to a maximum of £600,000.
This mortgage product is available to those who can meet the below criteria:
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 last months
The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost
Maximum loan size of £600,000
Not available on new build flats
Skipton will also run their own affordability checks to ensure you can afford the mortgage.
Contact us today if you'd like to find out more and understand which mortgage options may be available to you!
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