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Are you struggling to save for your deposit? Whether you’re a first-time buyer moving out of your parents’ house or a renter looking to get on the property ladder, Skipton Building Society’s new 100% mortgage is here to help. This five-year fixed no-deposit deal is designed to help potential buyers purchase homes.
If you’re ready to take the leap, learn more about 100% mortgages, how they work and who’s eligible in this handy guide.
How does Skipton Building Society’s 100% mortgage work?
A 100% mortgage is a five-year fixed deal with a mortgage term of up to 35 years and a 5.49% interest rate. The amount you can borrow must be equivalent to or less than your monthly rent.For example, if your rent is £1,500, your 100% mortgage can’t be more than £1,500 a month.
Skipton's 100% mortgages are unavailable on new build flats. If you have a deposit, this must be at most 5% of the purchase price to apply for a 100% mortgage in the UK.
Can I get a 100% mortgage?
You must determine your eligibility before applying for Skipton’s 100% mortgage. You must:• Be age 21 or over
• Be a first-time buyer
• Be a renter moving household-to-household
• Have paid rent for 12 consecutive months within the last 18 months
• Have paid utility bills for 12 months
• Look for a loan equal to or less than £600,000
What does household-to-household mean?
Household-to-household means the same people (or the same person) applying for the 100% mortgage have been renting together for the past 12 months.What are the other options for first-time buyers?
If you’re a first-time buyer but don’t qualify for the 100% mortgage, other low-deposit schemes may suit your needs.
Deposit Unlock
Deposit Unlock enables first-time buyers to buy their new home with only a 5% deposit on mortgage products up to the value of £750,000.
Deposit Boost
If you have a 10% deposit, you can boost it by 5% with Deposit Boost. This means you’ll have a 15% deposit and can access more competitive mortgage rates.
Parent Power
With Parent Power, parents can help you save for a deposit, guarantee your mortgage or act as joint applicants. We can boost your deposit by up to 5% of the purchase price.
Key Worker Deposit Contribution
Key worker? We’ll add £1,000 towards your deposit for every £20,000 you spend on your new David Wilson home with our Key Worker Deposit Contribution.
Find out more about applying for a 100% mortgage in the UK. Or explore our new homes across the country and unique offers to help you move.
Own New - Rate Reducer
Own New - Rate Reducer is a brand-new scheme available on new build homes that could mean lower mortgage rates and reduced monthly payments.
Find out more about applying for a 100% mortgage in the UK. Or explore our new homes across the country and unique offers to help you move.