100% Mortgages

100% Mortgages with Manchester Money

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100% Mortgages Manchester

Last updated: 15th February 2024

Renting a property while saving up for a deposit to purchase your first home can be quite daunting due to the rising costs of rent, bills, and general living expenses. However, there’s good news as Skipton Building Society has launched the Track Record Mortgage earlier this year, the first 100% mortgage option since 2008.

This mortgage is specifically designed for renters who have been paying rent for at least 12 out of the last 18 months and struggling to accumulate enough savings for a deposit, thereby providing a viable option for first-time buyers.

What is the Skipton Building Society Track Record Mortgage

Skipton Building Society’s Track Record Mortgage is a unique 100% mortgage option designed for first-time buyers who are struggling to accumulate a deposit. Unlike other fixed-rate mortgages, the Track Record Mortgage does not require a deposit, making it an attractive option for those who are finding it challenging to save up for a deposit.

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Pros and Cons of 100% Mortgages

It can be incredibly difficult to save for a deposit while also paying rent during the current cost of living crisis. Therefore, having a mortgage option that doesn’t require a deposit is a significant advantage for first-time buyers.

However, it’s essential to consider the potential downsides that come with these 100% mortgages. For instance, the maximum amount you can borrow is typically limited to your current rent amount or less each month.

It’s also important to note that any missed repayments, such as mobile phone bills or subscriptions, within the last six months will appear on your credit report and may affect your eligibility for the mortgage.

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Further Guidance

We understand that saving up for a deposit while paying rent can be a significant challenge, especially with the current cost of living crisis. That’s why the Skipton Building Society Track Record Mortgage is a game-changer for first-time buyers.

At Manchester Money, we’re committed to providing expert guidance and advice to help you make informed decisions when it comes to purchasing your first home. Contact us today to find out more about the Skipton Building Society, 100% Mortgage and other mortgage options that may suit your needs.

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Are you eligible for the 100% Mortgage?

To qualify for this mortgage, each applicant must be a first-time homebuyer aged 21 or older.
Additionally, no payments on debts or credit commitments, such as mobile phone bills, should have been missed in the last six months.

Have proof of having paid rent for at least 12 consecutive months within the last 18 months.
Furthermore, you should have a minimum of 12 months of experience paying all household bills, including utility bills and council tax, during the same 18-month period.

Current criteria - 21st September 2023

Each applicant hasn’t owned a property in the UK or abroad in the last 3 years

Each applicant is aged 21 or over

deposit must be less than 5% of the purchase price

In addition to standard lending policy relating to missed payments and adverse credit, each applicant must have no missed payments on debts / credit commitments (e.g. mobile phone bill) in the last 6 months

looking to borrow up to £600,000

Not looking to buy a new build flat

Proof of having paid rent for at least 12 months in a row on a UK property, within the last 18 months

Must have 12 months experience paying all household bills within the last 18 months

Not looking to buy a property in Northern Ireland.

Please note that this product may be withdrawn at any time and without notice.

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100% Mortgages

100% Mortgages Manchester