A step closer to homeownership
A mortgage lender have launched a new product that could help those who are renting get onto the housing ladder – with no deposit.
With rent, bills, and everything else to pay for, saving for a house deposit can be a challenge. The mortgage lender has launched a new ‘track record mortgage’.
The track record mortgage considers the average monthly rent that you’ve paid over the last 6 months to give you your potential maximum borrowing account. This will provide an initial indication of the maximum that you could borrow, you would also need to review the lenders full affordability calculator.
The eligibility for this mortgage is as follows:
- Each applicant is a first-time buyer
- Each applicant is aged 21 or over
- You have less than a 5% deposit
- Each applicant has no missed payments on debts / credit commitments (e.g., mobile phone bill) over the last 6 months
- You want to borrow up to £600,000
- You meet Skipton’s household-to-household criteria
- You’re not looking to buy a new build flat
- You have proof of having paid at least 12 months’ rent in a row, during the last 18 months
- You must also have experience of paying all household bills (e.g. utility bills, council tax etc) for at least 12 months in a row, during the last 18 months.
If you’d like to explore your mortgage options in more depth, then please contact Lyndsey Pickering directly on lyndsey.pickering@pfmdental.co.uk.
