Skipton Building Society to Offer a 100% Mortgage Product!

11th May 2023

A deposit-free mortgage specifically aimed at people currently renting has been launched by Skipton Building Society.

 

While a handful of other no-deposit deals are available, they all need the financial backing of family or friends. Skipton Building Society says while its deal requires 12 months of on-time rental payments and a good credit history, it does not need a guarantor (the first to launch since 2008).

Its five-year fixed mortgage works similarly to other fixed mortgage deals on the wider market, in that you are charged the same interest rate for a five-year period. The main difference is that Skipton's new deal doesn't require a deposit.

This mortgage is aimed at renters who are struggling to save for a deposit, although if they do have a deposit as long as it is smaller than 5%, they can also apply.

To be eligible for Skipton’s 100% mortgage you need to:

With Skipton's 100% mortgage, the amount you can borrow is not allowed to be more than the equivalent of what you pay each month in rent. In other words, if you pay £1,000 a month on rent, your Skipton 100% mortgage couldn't cost you more than the equivalent of £1,000 a month either.

 

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