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100% mortgages available for first-time buyers

Updated: Jul 12, 2023



Skipton Building Society is offering five-year fixed mortgages which do not require a deposit.


Renters who are struggling to save for a deposit, or who have a deposit of less than 5% can apply. Interest rate charges will still remain the same for a standard five-year mortgage.


To be eligible, you must:


  • be a first-time buyer and 21 years of age or above,

  • Have been renting for at least 12 consecutive months out of the past 18 and be up to date on all rental payments during this period. (proof will be needed),

  • be up to date for at least 12 consecutive months out of the past 18 on household bills (proof will be needed),

  • be up to date with other repayment commitments over the past six months – such as TV subscriptions, phone contracts etc (proof will be needed),

  • not be looking to buy a new-build flat


The amount you can borrow with a 100% mortgage will be no more than what you pay monthly in rent (the maximum borrowing amount is £600,000). This differs from other mortgages, where you can borrow significantly more.


The amount you can borrow with a Skipton 100% is (please note that amounts are subject to changes):


  • Monthly rent: £500 = Maximum mortgage amount: £81,000

  • Monthly rent: £750 = Maximum mortgage amount: £123,000

  • Monthly rent: £1,000 = Maximum mortgage amount: £163,000

  • Monthly rent: £1,250 = Maximum mortgage amount: £204,000

  • Monthly rent: £1,500 = Maximum mortgage amount: £244,000

  • Monthly rent: £2,000 = Maximum mortgage amount: £325,000


The interest rate on Skipton's 100% mortgage is 5.49% and it comes without fees. However, this is much more expensive than other mortgages, which are as low as 3.5%.


It is important to exercise your options before taking out a mortgage. Mortgages that are more expensive come with a greater risk of negative equity- meaning the overall mortgage could end up costing more than the value of your home.


This can have a detrimental effect, as not only will you be paying more, it may make it difficult to remortgage your home or move homes in the future.


If you need mortgage advice, please contact a mortgage broker or an independent financial adviser.



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