If you are a first-time buyer with a track record of paying rent and household bills, you can now access a 100% mortgage, to help you buy your first home.
This product is unlike other lender 100% mortgages where there is a requirement for a parent or guardian to be involved or allocate some collateral. This is a mortgage scheme for borrowers with a proven track record of rental payments and is being offered by Skipton Building Society.
What are the eligibility requirements?
- Both Applicants must be first time buyers
- Both Applicants must be over the age of 21
- If you have a deposit it must be under 5%
- Each applicant must have no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months
- Maximum lending is £600,000
- You meet the household-to-household criteria (see below)
- You cannot buy a new-build flat
- You have proof of 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.
What does household-to-household mean?
The same people who are renting and have been for the last 12 months also have to be the same people applying for the mortgage.
If applying alone, the rental and household expenditure payments must have been covered entirely by you for 12 consecutive months within the last 18 months.
There are further conditions and terms including credit status and affordability checks. Please contact as Adviser for full details.