10/05/2023
🏠🎉Game-Changing Track Record Mortgage for First Time Buyers, Helping Renters Become Homeowners Without a Deposit 💰💸
👉 Renters have long been burdened with the challenge of saving up for a deposit to become homeowners, with rising living costs and house prices making it even more difficult. But now, with Skipton's innovative Track Record mortgage, renters can qualify for a mortgage without a deposit based on their payment history!
👍 To be eligible, each applicant must be a First Time Buyer, aged 21 or over, and have proof of having paid rent and household bills for at least 12 months in a row within the last 18 months. The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost, and the deposit must be less than 5%.
💰 With a maximum loan size of £600,000, this mortgage could be the turning point that transforms "generation rent" into "generation homeowner." Please note that this product has limited availability and may be withdrawn at any time, without notice.
Who is eligible?
✅Each applicant is a first time buyer
✅Each applicant is aged 21 or over
✅If they have a deposit, it must be less than 5% of
the purchase price
✅Each applicant has no missed payments on
debts / credit commitments (e.g. mobile phone
bill) in the last 6 months
✅They are looking to borrow up to £600,000
✅They meet the household-to-household criteria
(see below)
✅They're not looking to buy a new build flat
✅They have proof of having paid rent for at least
12 months in a row, within the last 18 months
✅They have 12 months experience paying all
household bills within the last 18 months.
Skipton use a 2 step system to determine amount available to lend to a client.
Step 1
The amount you have paid in rent over the last 6 months (if different amounts, take the total and divide by 6).
This will be input into Skipton calculator and this will give an indication of amount they would lend.
Step 2
Complete a full affordability overview giving detailed info on income and expenditure. This again will be input into Skipton affordability calculator and a lending amount will be indicated.
The maximum you may be able to borrow will be whichever amount is lower – the loan amount based on the Track Record Calculator, or the loan amount through the Affordability Calculator.
The maximum loan must be determined before you move onto the decision in principle (DIP), to make sure the DIP your are given is accurate and based on the correct value.
Get in touch for more info or an appointment to go through the process and produce a decision in principle.
