Example Article - Skipton

Track Record Mortgages If you’re currently renting and hoping to buy your first home, our Track Record mortgages may help you take that step sooner. These mortgages are designed for renters who have a strong history of paying rent on time and want to get onto the property ladder without needing a deposit. What is a Track Record Mortgage? A mortgage designed for renters Instead of relying solely on traditional affordability assessments, we use your history of paying rent to help determine how much you may be able to borrow. Fixed for five years Your interest rate stays the same for five years, giving you peace of mind and predictable monthly payments. No deposit required You don’t need a deposit to apply. If you do have one, we will accept a deposit of less than 5%, but it’s not required. No completion fee There are no completion fees on Track Record mortgages, helping to reduce your upfront costs. Who Can Apply? To apply for a Track Record mortgage, you must meet the following criteria: General eligibility You haven’t owned a property in the UK in the last 3 years. Aged 21 or over. No missed payments on debts or credit commitments in the last 6 months. Looking to borrow up to £600,000. The property you wish to buy is not in Northern Ireland. For sole applicants You can show that all rent has been paid for 12 consecutive months within the past 18 months. We may also request proof of household bill payments. For joint applicants (up to four people) You can collectively evidence 12 months of continuous rent payments within the last 18 months. If renting separately, each applicant must show their own full rent history. Proof of bill payments may also be required. Important: You could lose your home if you don’t keep up with your mortgage repayments. Find Out How Much You Could Borrow It’s quick and simple to check what you may be able to borrow and estimate potential monthly payments. Get a Decision in Principle (DIP) to begin the process. If This Mortgage Isn’t Right for You We offer a range of other mortgage products that may better suit your needs. You can explore these using our online mortgage finder. Frequently Asked Questions Are there any application, completion or valuation fees? There are no application or completion fees. We also won’t charge for a mortgage valuation if your property is worth less than £1.5 million. This valuation is for our purposes only and doesn’t replace a full survey. We strongly recommend arranging your own RICS Home Survey (Level 2 or Level 3). Mortgage valuations and surveys are not regulated by the Financial Conduct Authority. Is there a maximum age limit? The mortgage must end by the time you reach age 75. We may request evidence of expected retirement income. Can I use a deposit if I have one? Yes. You can still apply as long as your deposit is less than 5%. Deposits can come from savings or be gifted — though a gifted deposit must meet our criteria and be accompanied by a gifted deposit declaration form. What documents do I need to prove rent payments? You will need one of the following: 12 months of bank statements (full or concise), or A letter from an ARLA-registered letting agent (or NAEA/NACA equivalent) confirming your rent payments. Concise statements showing only rental transactions are preferred. Can I buy a new build home? Yes. We accept applications for new build houses and flats. A new build is any property newly constructed or converted within the last three years. Can I apply if I receive housing benefit? Yes, but you must exclude housing benefit from: your rent figure when using the affordability calculator, and your income when completing your Decision in Principle (DIP). My rent and utilities are paid together — is this OK? Yes, provided you can clearly show: the rent portion, using a tenancy agreement or agent’s letter, and that utilities are paid at full market rates with no discounts (if applicable). Can I use this mortgage alongside other schemes? Track Record mortgages can be used with Shared Ownership, but not with schemes such as: Joint Borrower Sole Proprietor (Income Booster) First Homes (England) Help to Buy (Wales) Can I apply if I’m on a VISA? You can only apply if you have: pre-settled or settled status under the EUSS, or permanent residency or indefinite leave to remain. If this is a joint application and the VISA holder’s income is not part of the affordability assessment, you may still be eligible. What about buying a property in Scotland above the home report value? We will lend up to 100% of the lower of the: purchase price, or home report valuation. If you agree to pay above valuation, you must fund the difference yourself. I live in military accommodation — can I apply? Possibly. We may be able to consider your application depending on your circumstances. Please contact us on 0345 607 9825 to discuss your situation. If you’d like this rewritten in a different tone (more conversational, more formal, shorter, etc.) just let me know.