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Published on : May 10, 2023 17:14

No Deposit Mortgages Are Back

If you’re a first-time buyer struggling to get on the property ladder, Skipton Building Society’s latest offering may be just what you need.

The lender has launched a 100% loan-to-value (LTV) mortgage called Track Record, aimed at helping renters become homeowners without the need for the Bank of Mum and Dad or guarantors.

What is the Track Record Mortgage?

The Track Record Mortgage is a five-year fixed-rate mortgage that starts at 5.49% over a maximum term of 35 years. It allows tenants to borrow up to 95% LTV or 100% LTV, and it is eligible for tenants aged 21 and over and first-time buyer purchases only.

The mortgage has a maximum loan size of £600,000, and applicants must have no missed payments on debts or credit commitments in the last six months.

Speak To A Mortgage Advisor – It’s Free

What are the eligibility criteria?

To be eligible for the Track Record Mortgage, applicants must have a good track record of rental payments and have had no missed payments on debts or credit commitments in the last six months.

Applicants must also be able to provide evidence of 12 months of good track of rental history. Rent must be evidenced by bank statements or references from an ARLA-registered lettings agent.

You also can’t add a non-renter to your application (e.g. a partner who s living with family) and new build flats are not eligible for the product.

What are the benefits of the Track Record Mortgage?

The product has several benefits, including:

    • No fees
    • Monthly mortgage payments will not be more than the average of the last six months rental costs. For example, if you’ve paid £800 per month over the last six months, then your maximum mortgage payment will be £800.
    • Helps first-time buyers become homeowners without needing a deposit or guarantor.

Speak To A Mortgage Advisor – It’s Free


Skipton Building Society’s CEO of Home Financing, Charlotte Harrison, says:

“We need to tackle the UK’s housing affordability crisis to enable more people, especially renters who are trapped in renting cycles, to buy their first home. People trapped in renting is one of the UK’s biggest housing challenges, having a massive impact on the fabric of our society. With escalating rents and the cost of living squeeze further impacting people’s ability to save for a house deposit – it’s making it almost impossible for people to get onto the property ladder.”

Ready to take the first step to buying a home?

If you want to find out more about this zero-deposit mortgage and see whether you qualify, we’re here to help. Book a free mortgage consultation with one of our advisors now and let’s find out whether this could make your dreams of owning a home a reality.

Call us now on 0161 826 2998 to book your free telephone or video call appointment, or book it online here.

Related Links

The Key Costs Involved With Buying Your First Home

First-time Buyers Guide To Mortgages

*Your home may be repossessed if you do not keep up repayments on your mortgage.

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