Skipton Building Society launches the first 100% no-deposit mortgage since 2008!
Skipton's new 100% mortgage product is based on a five year fixed mortgage rate of 5.49% and does not require a deposit. This new product is aimed at first time buyers, specifically renters, who may be struggling to save for a deposit.
For a typical mortgage, the maximum amount which you can lend is based on your income and outgoings, usually worked out by multiplying your salary by a particular amount. However with Skipton's new mortgage, the amount which you can lend is not allowed to be more than the equivalent of what you pay each month in rent.
To be eligible for this new mortgage, you must;
This new mortgage may not be suitable for everybody however will definitely help towards a new generation of buyers to get themselves on the property ladder.
- Be a First Time Buyer
- Be aged 21 or over
- Have proof of paying your rent on time for a period of at least 12 months
- Have experience paying household bills
- Have a good credit score/ credit history
- Need to borrow no more than £600,000
- Not be looking at new build properties