Skipton Building Society have launched a 100% mortgage product at 5.49% fixed for 5 years without the need for a guarantor.
The lenders qualifying criteria includes the following:
- Each applicant must be a First Time Buyer
- Each applicant must be aged 21 or over
- The same people who are renting now (and have been for the last 12 months) must be the same people on the mortgage
- Must have proof of having paid rent for at least 12 months’ in a row, within the last 18 months
- Must also have 12 months experience paying all household bills within the last 18 months
- Each applicant will have no missed payments on debts / credit commitments in the last 6 months
- The monthly mortgage payment must be equal to or lower than the average of the last 6 months rental cost
- Not available on New Build flats
