The mortgage, which launched last year, is aimed at helping renters exit the rental cycle by making it easier to buy their own home.
Whilst most first-time buyer mortgages require at least 5% deposit, and ideally 10%, the Track Record mortgage is deposit-free and fee-free – but borrowers must have made all their rental payments in the last 12 months.
Now, in the latest development, from Wednesday 16 October, Skipton is offering £1,000 cashback to applicants.
It said this would help cover the additional expenses which arise when buying a home for the first time.
These could be solicitors’ fees, moving costs or even furnishing your new place.
Since its launch in May 2023, the Track Record mortgage has proved popular with buyers. In September this year it saw over £9.6 million in applications – the highest yet – taking total applications since launch up to over £130m.
Skipton enhanced the deal in August by extending the maximum loan term to 40 years, offering lending on new-build flats and introducing a shared ownership version of the product.
Jen Lloyd, head of mortgage products & propositions at Skipton Building Society said: “The current climate has made it increasingly challenging for first-time buyers to step onto the property ladder.
“We launched the Track Record Mortgage in 2023, to help people escape the rental trap and get the keys to their very own home.
“Since launch we’ve reviewed and enhanced our proposition and we’re pleased to confirm the launch of a new Track Record product, including £1,000 cashback.
“By helping to cover some of the often-overlooked costs of purchasing a home, we hope to provide first-time buyers with a valuable boost and make the dream of homeownership a reality sooner.”
More about the Track Record Mortgage
Skipton’s mortgage has a five-year fixed rate of 5.44%.
As mentioned, you don’t need a deposit and there is no fee. Cashback is usually paid once the deal has been approved and the sale is complete.
Skipton will look at applicants’ track record of paying rent to calculate what you could borrow. You must have no missed payments.
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