Skipton Building Society is now offering cashback on its popular Track Record 100% mortgage for first time buyers.
The mortgage, which was launched last year, is aimed at helping tenants get out of the rental cycle by making it easier to buy a home of their own.
While most first-time mortgages require a deposit of at least 5%, 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, Skipton is offering £1,000 cashback to applicants from Wednesday 16 October.
It said this would help cover the additional costs incurred when buying a home for the first time.
These could be notary costs, moving costs or even the furnishing of your new home.
Since its launch in May 2023, the Mortgage track record has proven popular with buyers. In September this year it saw more than £9.6 million in applications – the highest yet – taking the total number of applications since launch to more than £130 million.
Skipton improved the deal in August by extending the maximum loan term to 40 years, offering loans for new-build flats and introducing a shared ownership version of the product.
Jen Lloyd, head of mortgage products and propositions at Skipton Building Society, said: “The current climate has made it increasingly difficult for first-time buyers to get onto the property ladder.
“In 2023 we launched the Track Record Mortgage, to help people escape the rent trap and get the keys to their own home.
“Since launch we have revised and improved our proposition and we are 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 this starters with a valuable boost and make the dream of your own home come true more quickly.”
More about the Mortgage Track Record
Skipton’s mortgage has a five-year fixed rate of 5.44%.
As mentioned, you do not need a down payment and there are no costs involved. Cashback is usually paid once the deal is approved and the sale is completed.
Skipton will look at the applicant’s track record of paying rent to calculate what you can borrow. There should be no missed payments.