Can I get a 100% mortgage?

Thanks to Skipton Building Society, the newly launched 100% Track Record Mortgage has been specifically designed for renters who are unable to save for a deposit while they have been renting and is now available from The Mortgage Brain.

What is a Track Record Mortgage?

Well it’s available to first time buyers only and those with a provable track record who have been renting for a least the 12 months in a row during the last 18 months. Other criteria include:

• Max loan 600k
• Clean credit history (no missed payments in the last 6 months)
• Evidence of paying household bills during the rental period of 12 months
• Joint renters must be the ones who apply for the mortgage only (can’t add someone else)
• Available on all property types except new build flats

The maximum term is 35 years and is available with a five-year, fixed rate of 5.49%.

Two affordability calculators are used, one based on the current rent the borrower pays, the other is the standard calculator Skipton use. They will lend on the lower of the two outcomes.

This 100% mortgage is not a one size fits all solution but it’s a huge leap in the right direction and will help many more people take the first step.