New 100% mortgage for renters
If you are a First Time Buyer and have been renting for a while, you may be excited to learn that Skipton Building Society has launch a new 100% mortgage for renters. Adam Nanson, Managing Director from Your Mortgage Expert in Salisbury comments on the new 100% mortgage for renters and what this means for buyers:
What are 100% mortgages?
“Despite Mortgage news constantly hitting the headlines over the last few months there are positive signs from the market. Especially for First Time Buyers.
“For the first time since the banking crisis of 2008, a new mortgage has been launched aimed at those currently renting. The new “Track Record mortgage” from Skipton is targeted at First Time Buyers who have a good renting track record and means they need not pay a deposit. Their aim is to turn “generation rent into generation homeowner”.
“100% mortgages with no deposit required are an indication that lenders feel more positively about the financial outlook. And that the mortgage market is expecting a period of stability.”
How does this 100% mortgage work?
Adam Nanson continues
“As with all mortgage products, this new 100% mortgage from Skipton has specific criteria and an affordability calculator. So, it may not be suitable for everyone. The main points of the new Track Record Mortgage are as follows:
- Each applicant is a first time buyer and aged 21 or over
- Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months
- They are looking to borrow up to £600,000 and the property is not a new build flat
- They have proof of having paid rent for at least 12 months in a row, within the last 18 months
- They have 12 months experience paying all household bills within the last 18 months.
“Potential borrowers need to meet this criterion and make sure the product is right for them.”
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The information contained within this article was correct at the time of publication. It is intended for information only and should not be used as a basis for purchasing any products. We cannot be held responsible for something that was correct at the time but subsequently changes or goes out of date.
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