100% Mortgages for Renters

Skipton have become once of the first lenders to offer 100% mortgages for renters. This is to help renters with no deposit get onto the property ladder. The mortgage is available for all first-time buyers who currently rent and pass the lender’s affordability check. The maximum term of the mortgage is 35 years and tenants can borrow up to 4.49 times their income up to £600,000.00.

But there is a catch, you can only borrow the equivalent of or less than what you pay on rent each month. 

For example, a tenant paying an average of £750 per month over the last six months will have a maximum monthly mortgage payment of £750.

If you meet this criteria, you may be able to take advantage of this product, which could help you get onto the property ladder without needing a large deposit. However, the mortgage market is currently unpredictable so may be withdrawn at any time without notice.

The contents of this post do not constitute legal advice and are provided for general information purposes only.