As the journey to get on the property ladder becomes more difficult, innovative mortgage products are making home ownership more attainable.
This week, we highlight two groundbreaking options: Skipton’s zero deposit “Track Record” Mortgage and the £5k Deposit Mortgage.
These products are designed to help a broader range of individuals step onto the property ladder, especially those who might find traditional pathways challenging.
Introducing Skipton’s Track Record Mortgage for Renters
For tenants who have demonstrated financial responsibility but struggle to accumulate a deposit, we have access to Skipton Building Society’s “Track Record Mortgage.”
This 100% mortgage solution acknowledges the financial discipline shown through consistent rent payments over 12 months by offering a path to purchase without the need for a deposit.
Key Features:
- Available To: Tenants aged 21 or above, including council tenants, first-time buyers and those who haven’t owned a home in the last three years.
- Loan Amount: Borrowers can secure 95% to 100% LTV.
- Interest Rate: A five-year fixed rate at 5.49%.
- Term: Up to 35 years.
- Fees: No associated fees.
- Requirements: Applicants must show a good rental payment track record for at least 12 months.
- The monthly mortgage payment must be equal or lower than the average of the last 6 months rental cost.
Spotlight on the £5k Deposit Mortgage
In a market where saving for a large deposit can be a significant barrier, the £5k Deposit Mortgage by Accord, emerges as a beacon of hope for first-time buyers.
This product lowers the entry threshold to home ownership with a remarkably low deposit requirement, opening doors for many to own their first home sooner than they might have thought possible.
Key Features:
- Eligibility: Exclusively available to first-time buyers.
- Minimum Deposit: Just £5,000.
- Maximum Property Value: Up to £500,000.
- Loan to Value: Up to 99%, making home ownership more accessible with less capital upfront.
- Property Restrictions: Valid for properties other than flats or new build houses.
- Geographic Availability: Offered across the UK, excluding Northern Ireland.
This mortgage is an excellent opportunity for those looking to invest in their future without the heavy burden of a large initial deposit, particularly as mortgage rates continue to climb.
Get In Touch Today
If you’re intrigued by the £5k Deposit Mortgage or Skipton’s Track Record Mortgage and want to explore how these options could work for you, a friend or a family member, don’t hesitate to contact us.
Our team is ready to provide you with tailored advice and support to help you navigate your mortgage options effectively. Get in touch now on 0208 364 3444 alternatively click here to schedule a free consultation call.