09 May 2023
100% Loan-to-Value Mortgage for Renters
A brand new 100% LTV mortgage product has come into the mortgage market today for renters, who currently pay high rental payments without any issues, but struggle to save a big enough deposit to purchase their own home, due to their high rent and the increasing cost of living.
Skipton Building Society has introduced a new mortgage product called the Track Record Mortgage, which allows renters to borrow the full purchase price of a property on a 5-year fixed rate of 5.49%, over a maximum term of 35 years.
To qualify for this loan, tenants must be over twenty-one and have a strong track record of rental payments, and it is only available for their first home purchase.
The loan also comes with no fees and ensures that borrowers will not pay more per month than their current rent.
Skipton’s research suggests that eight out of ten tenants feel trapped in rental cycles, due to high rents and increasing living costs that make it difficult for them to buy a home.
The number of households renting privately across England has risen by 112% since 2000, and there are currently 4.6 million such households.
Skipton is one of the few lenders on the market offering a 100% loan-to-value mortgage without requiring a guarantor.
We are here to help you understand the mortgage options available to you and guide you through the entire process, from your first call, right up until you get your keys to your dream home.
Take your first step towards securing the right mortgage and book a call with one of our specialists today via our simple booking system: