Published 9 May 2023 · Last reviewed 9 May 2023 · Older article — see current rates
Skipton – 100% Mortgage For First Time Buyers
Please see below the basis of the First Time Buyer 100% Mortgage UK launched by Skipton Building Society. As it’s hot off the press, it is unclear at the moment as to whether the product carries a “negative equity guarantee”. This is a useful facility as it prevents the mortgage from exceeding the property value. Without this in place should, property prices fall below the mortgage level as it will be very difficult to remortgage, and you will have to pay the Lender difference on the sell the property.
Also, I would suspect the mortgage level will be capped at no more than 4.5 times your income.
Eligibility criteria for 100% Mortgage For First Time Buyers
- First time buyers looking to purchase a property to live in.
- 100% Mortgage – No deposit needed. Maximum deposit is limited to under 5%.
- Track record of supporting rental payments at the same level (or higher) than the
- planned mortgage, based on 6 month average.
- History of at least 12 months rental payments in a row, within the last 18 months.
- Must have six months continuous employment.
- Minimum age 21 years.
- Minimum mortgage £5,000. Maximum mortgage £600,000.
- Capital and interest repayment only.
- Currently available on a 5 year fix rate only.
- Not available on New Build properties.
Skipton 5 year fix First Time Buyers 100% mortgage – Rate Options
NOTES
* The comparison is based on an assumed purchase price of £250,000 over a 25 year mortgage term.
* It looks at repayment method is “capital & interest”.
* Full eligibility will depend on your own personal circumstances.
So if you’re looking for a 100% Mortgage, please call us on T: 020 7993 2044 or complete the online
enquiry form on this page.