Skipton Building Society is now offering a no-deposit mortgage option to a wider range of homebuyers, including former homeowners who have transitioned to renting. The expansion of the Track Record mortgage aims to assist more individuals who are currently trapped in the rental cycle. Since its initial launch in May, Skipton has received over £40 million in mortgage applications, with a majority of applicants purchasing terraced homes and a significant number located in Scotland. The expansion of eligibility criteria allows individuals who have not owned a home in the past three years, such as those who have gone through a divorce or needed to relocate, to apply for the zero-deposit mortgage. The Track Record mortgage is a fee-free, fixed-rate product with a rate of 6.19% for five years, with a maximum term of 35 years. By broadening its lending criteria, Skipton aims to help more people overcome the challenges of renting and achieve homeownership.
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