Are you renting and just wishing you could afford to buy your own home?
Is it the struggle to save a deposit while staying on top of your bills that is really holding you back?
After all, with the cost of living sky-rocketing, how on earth can you be expected to put thousands & thousands of pounds aside and still pay for your rent, utility bills, council tax, travel, food & drink … while also keeping a little bit back for yourself? It’s ridiculous!
But if this applies to you, help could finally be at hand thanks to Skipton Building Society.
They have recognised this area of need and have launched a new mortgage that requires NO deposit. Better still, it does NOT require the financial support of family or friends.
Dubbed the ‘Track Record Mortgage’, it basically requires applicants to have a good credit history and be able to prove at least a 12-month period of keeping up-to-date with their rent.
It is only available as a 5-year fix and the interest rate of 5.49%, which might be viewed as being slightly on the high side … but this is because Skipton are taking on more risk by lending 100% of the purchase price.
Naturally you will still need to pass affordability checks and the level of your monthly repayments will not be able to exceed the rent you are currently paying.
As a mortgage adviser, I’ve lost count of the number of times clients have bemoaned being turned down for deals that are cheaper than their existing rent, so this cap should not prove too much of a problem.
More than one in three renters (35%) say they are finding it impossible to save any form of deposit because of the current cost of living.
And Charlotte Harrison, chief executive of Home Financing at Skipton, said: “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 get onto the property ladder.”
If you think this deal could open the door to you buying a home, please feel free to get in touch. I’d love to hear from you.
