Track Record Mortgage presented by Skipton Building Society

May 12, 2023

Track Record Mortgage presented by Skipton Building Society.

  • 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 it 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 above 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 4.49% Loan to Income
  • Please note that this product may be withdrawn at any time and without notice.

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.

What does household-to-household mean?

Household-to-household means that the same people who are renting now (and have been for the last 12 months) are the same people applying for the mortgage.

If applying alone, the rental and household expenditure payments must have been covered entirely by your client for 12 consecutive months within the last 18 months.

Joint applicants (maximum of 4 per application) will need to evidence that these payments have been made either:

  • collectively, or
  • wholly by one applicant.

Joint applicants 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. In this instance, when calculating the max loan amount based on the average rental payment over the last 6 months, their combined rental payments can be used.