Yesterday, Skipton Building Society announced they were introducing The Track Record mortgage, created specifically for renters.
So, what does this mean? First time buyers are able to get on the property ladder with no deposit required. Providing you fit the following criteria, you could be eligible:
- You are a first time buyer
- You are 21 or over
- If you have a deposit, it must be less than 5% of the purchase price
- You have no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months
- You are looking to borrow up to £600,000
- You meet the household-to-household criteria (see below)
- You have proof of having paid rent for at least 12 months in a row, within the last 18 months
- You have 12 months experience paying all household bills within the last 18 months.
Shropshire Homes are pleased Skipton Building Society have taken this step forward to help first time buyers. Helen Pritchard, Sales & Marketing Director at Shropshire Homes commented, “This is exciting news for first time buyers and a positive move following the end of Help-to-buy. It will give first time buyers a chance to get themselves on the property ladder, which they often struggle with.”
Shropshire Homes plan to host a first time buyers event - date will be announced soon!
For more information, speak to our Sales team today: https://www.shropshire-homes.com/developments