10/05/2023
𝘼𝙧𝙚 𝙮𝙤𝙪 𝙘𝙪𝙧𝙧𝙚𝙣𝙩𝙡𝙮 𝙧𝙚𝙣𝙩𝙞𝙣𝙜, 𝙬𝙞𝙩𝙝 𝙣𝙤 𝙙𝙚𝙥𝙤𝙨𝙞𝙩 𝙛𝙤𝙧 𝙖 𝙢𝙤𝙧𝙩𝙜𝙖𝙜𝙚?
𝐁𝐫𝐚𝐧𝐝 𝐧𝐞𝐰 𝐭𝐡𝐢𝐬 𝐦𝐨𝐧𝐭𝐡 – 𝐓𝐡𝐞 𝐫𝐞𝐭𝐮𝐫𝐧 𝐨𝐟 𝐭𝐡𝐞 𝟏𝟎𝟎% 𝐌𝐎𝐑𝐓𝐆𝐀𝐆𝐄
Skipton , one of the main lenders has just introduced a new product and has got a lot of people talking…
𝗪𝗵𝗼 𝗳𝗼𝗿? People currently renting looking to step onto the property ladder
𝗪𝗵𝘆? Lenders realise that as rents can be sky high, it can be impossible to save for a deposit!
𝗥𝘂𝗹𝗲𝘀: Must have a good credit history (no missed payments, proof rent paid on time), good income, over 21, must meet lender criteria, monthly mortgage amount must not be more than current rent. Must be a first-time buyer, not for new builds, right to buy or shared ownership schemes.
𝗠𝘆 𝗢𝗽𝗶𝗻𝗶𝗼𝗻: Interest rate on this deal slightly higher and if house prices fall, could be left owing more than the house value. However, it’s a way of finally getting onto the property ladder without a guarantor for the mortgage or the near impossible task of saving first (by the time you’ve saved a bit, house priced have shot up further). There’s no product fee either – which can save up to £1500.
𝗪𝗼𝘂𝗹𝗱 𝗜 𝗱𝗼 𝗶𝘁? If I was renting would I look into this? Absolutely! If you’re getting on the property ladder and your mortgage payments are less than you’re paying in rent…. No more ‘dead’ money…
Next Step: Don’t get too excited – This is NOT for everyone. Get in touch so I can assess if this is a good move for you, and if you’re suitable.
