With rent, bills and everything else to pay for, saving for a house deposit can be a challenge. Thanks to Skipton Building Society, first-time buyers who are currently renting and unable to save for a deposit, could be eligible for a 100% mortgage. The new Track Record Mortgage has been specifically designed for renters with a maximum loan of £600,000.
Applicants must have a clean credit history (no missed payments in the last 6 months) and evidence of paying household bills during the rental period of 12 months. Joint applicants (up to four) who have been renting separate properties will be eligible, as long as each applicant can evidence that they have individually covered their entire rental and household expenditure payments.
The mortgage is available on all property types except new build flats and the maximum term is 35 years and is a five-year, fixed rate of 5.49%. This means that even if other interest rates go up or down during that time, your interest rate won’t change. An Early Repayment Charge (ERC) will apply if you repay your mortgage early or make an overpayment that’s more than your annual overpayment allowance of up to 10% of the original balance each year.
Request a free valuation today and get your move underway.
Arins - selling homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.
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Winnersh Triangle,
Building 220, Wharfedale Road,
Wokingham, Berkshire, RG41 5TP
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