'The 100% mortgage returns to the market!'
“The 100% mortgage returns to the market!
You may have seen or heard the news today that a major High Street lender has come out with a 100% mortgage? Here at Adept, we thought you may like to know a bit more about it. Skipton Building Society has launched a 100 per cent loan to value (LTV) aimed at helping renters get onto the property ladder without the Bank of Mum and Dad or guarantors. The product, called track record mortgage, comes with a five-year fixed rate term starting at 5.49 per cent over a maximum term of 35 years. Tenants can borrow up to 95 per cent LTV or 100 per cent LTV, and the product is eligible for tenants aged 21 and over and first-time buyer purchases only.
It has a maximum loan size of £600,000, and applicants can have no missed payments on debts or credit commitments in the last six months. It comes with no fees and is subject to affordability and credit score as well as evidence of 12 months of good track of rental history. Skipton has confirmed that it would ensure monthly mortgage payments for each applicant is not more than the average of their last six months rental costs they have paid. For example, if a tenant has paid £800 per month over the last six months, then their maximum mortgage payment will be £800. New build flats are not eligible for the product.
Skipton Building Society said that the average rent in Great Britain was £1,290, so with an applicant borrowing a 100 per cent LTV mortgage with an interest rate of 5.49 per cent over 35-year mortgage term it could lend up to £240,509. This would equate to £1,290 per month in mortgage payments.
So, if you’re a first time buyer and you’d like to know a bit more about the Skipton offering, or any other type of mortgage, then please get in touch with us here at Adept Private Finance where we will be happy to help. “
Tel (Mark) – 07973 502949
Tel (Andrew) – 07971 519735
Adept Private Finance is a trading style of I-Property Finance Limited, which is authorised and regulated by the Financial Conduct Authority. Our Financial Register Number is 734423.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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