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  • Ed Phillips

Good News for First Time Buyers - The 100% Mortgage is Back


First Time buyer 100% mortgages

If you are a first-time buyer with a track record of paying rent and household bills, it is now possible to obtain a mortgage with no deposit, to help take your first step onto the property ladder.


Skipton Building Society has recently launched their ‘Track Record Mortgage’ which potentially allows first time buyers purchase their first home without a deposit. This is a revolutionary move, as being able to borrow the full purchase price of a property has not been possible since the last 100% mortgages ceased following the financial crisis in 2008.


You may qualify for the Track Record Mortgage, if you can meet the following criteria:


· You are a first-time buyer.

· You are aged 21 or over.

· You will need to be able to demonstrate a track record of affordability of ALL monthly rent and household expenditure for a minimum of 12 months.

· You are looking to borrow less than £600,000.

· You are not looking to buy a new-build flat.


What has prompted the launch of this new mortgage?


Many pressures such as increasing rents, rising house prices and the ongoing ‘cost of living’ crisis have all created a perfect storm for young renters, many of whom can no longer afford to save for a deposit alongside paying their monthly rent.


If you are in rented accommodation and would like to purchase your first home but have little or no savings for a deposit, this new product could offer you a route to owning your own home.


Please contact us to find out more, or take our property ready scorecard to get an idea of where you stand and where to start.






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