More homebuyers can now apply for no down payment mortgages with the Skipton Building Society

More homebuyers can now apply for no down payment mortgages with the Skipton Building Society

  • Former homeowners-turned-renters can now apply for a track record mortgage
  • Allows potential buyers to apply without a deposit
  • Comes with an interest rate of 6.19% fixed for five years

With the expansion of Skipton Building Society, former homeowners-turned-renters can now get back up the property ladder and apply for their zero-deposit mortgage.

The mutual is expanding the pool of would-be homeowners who can apply for their track record mortgage to support more “privileged renters”.

The home loan agreement was launched in May and was aimed at first-time buyers. Since then, more than £40million in mortgage applications have been received, according to Skipton.

More than half of the applicants have bought terraced houses so far and almost a fifth of the applicants have come from Scotland, according to the company.

Helping hand: Skipton has expanded the application criteria for its Track Record mortgage

Helping hand: Skipton has expanded the application criteria for its Track Record mortgage

It says today’s move to allow more potential buyers to apply could potentially help people who have previously moved out of their own homes and are returning to the rental sector.

Reasons for this can be, for example, a divorce or a move.

Skipton says previous homeowners who haven’t owned a home in the last three years, as well as first-time buyers, can now apply for the deal.

Best Mortgages

The Track Record Mortgage is a five-year, no-fee, fixed rate product with an interest rate of 6.19 percent and a maximum term of 35 years.

The average five-year fixed-rate mortgage on the market is also 6.19 percent, according to Moneyfacts data — albeit across all deposit sizes.

Charlotte Harrison, Managing Director of Home Finance at Skipton, said: “Following the successful launch of our Track Record mortgage for first-time buyers, we have actively reviewed the product and listened to customer feedback and focused on how we can further develop it to help.” more people to break out of the deadlocked rental cycle.

“People caught in the rent trap are one of the biggest housing challenges in the UK, having a massive impact on the very fabric of our society.”

“As rising rents and pressure on the cost of living continue to hamper people’s ability to save for a home deposit, it’s becoming almost impossible for them to climb the real estate ladder.”


“By expanding our lending criteria, we can help more people get the key to their home.”

When the deal went live in May, the company made it widely available to first-time buyers across the UK.

Renters 21 and older may be able to take out a mortgage for 95 to 100 percent of the value of the property they wish to purchase.

In return, they must have a convincing track record of paying their rent and show a rental history of at least 12 months.

This evidence could be provided, for example, by bank statements or a letter from a registered agent.

Skipton said that as a responsible lender, it ensures that each applicant’s monthly mortgage payment is no more than the average rental cost they have paid over the past six months.

For example, a tenant paying an average of £800 per month over the past six months would have a maximum monthly mortgage payment of £800.

In the terms and conditions for the Track Record mortgage agreement on its website, Skipton stated that the company does not make loans for new-build apartments, but does accept applications for new-build homes.

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Drew Weisholtz

Drew Weisholtz is a Worldtimetodays U.S. News Reporter based in Canada. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Drew Weisholtz joined Worldtimetodays in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing:

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