0% deposit mortgage to people currently renting, are you looking to get onto the property ladder?

Skipton Building Society has just announced a great product available to renters and they do not require a deposit for the mortgage. What a fantastic way to get onto the property ladder if you have no deposit.

What are they offering?

• Up to 100% LTV mortgage for first-time buyers currently renting, who can demonstrate a track record of affordability of ALL monthly rent and household expenditure for a minimum of 12 months in the last 18-month period

• If there is a deposit, we are happy to consider even if it’s gifted. If the client has a deposit of 5% or more, they should seek our standard products as Track Record is designed for >95% lending

• The monthly mortgage payment must be equal or lower than the average of the last 6 months rental cost – e.g. if the average rent over the last 6 months is £800, the mortgage payment must be £800 or lower

• Max term 35 years

• Max 4.49x LTI

Who is eligible?

Your clients might be eligible for this product if:

• Each applicant is a first time buyer

• Each applicant is aged 21 or over

• If they have a deposit, it must be less than 5% of the purchase price

• Each applicant has no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months

• They are looking to borrow up to £600,000

• They meet the household-to-household criteria (see below)

• They're not looking to buy a new build flat

• They have proof of having paid rent for at least 12 months in a row, within the last 18 months

• They have 12 months experience paying all household bills within the last 18 months.

There are specific affordability calculations in place to make sure that its still affordable, if you are looking at your options and fed up of renting, please contact one of your experienced mortgage brokers that can help you with your enquiry.

** your home may be repossessed if you do not keep up with repayments on your mortgage**

Contact me now on 07791786265, lucy@creatingmortgagesolutions.co.uk