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What is Skipton Building Society's 100% Mortgage?

May 26, 2023
100% Mortgage

Whether you’re looking to buy your first home or are a renter trying to get on the property ladder, Skipton’s 100% mortgage is here to help. This five-year fixed mortgage is available for first-time buyers and renters struggling to save for a deposit.

If you want to buy your first home, read on to find out how no-deposit mortgages work, who’s eligible and other low-deposit schemes.

How does Skipton Building Society’s 100% mortgage work?

Skipton's 100% mortgage is a five-year fixed deal, meaning you’ll be charged the same amount over this period. The maximum mortgage term is 35 years, and the interest rate is 5.49%.

You can only borrow the equivalent or less than your monthly rent. For instance, if your rent is £1,000, your 100% mortgage can’t be more than £1,000 a month.

A 100% mortgage doesn't require a deposit and is not available on new build flats. If you have a deposit, it can’t be more than 5% of the purchase price.

Can I get a 100% mortgage?

To be eligible for the 100% mortgage, you must:

• Be 21 years old or above
• Be a first-time buyer
• Be a renter moving household-to-household
• Prove you’ve paid rent for 12 consecutive months within the last 18 months
• Prove that you’ve paid utility bills for 12 months
• Look for a loan up equal to or less than £600,000

If you have a deposit, it can’t be more than 5% of the purchase price.

What does household-to-household mean?

Household-to-household means that the same people (or the same person) who have been renting for the past 12 months are the same people applying for the mortgage.

What are the other options for first-time buyers?

If you don’t qualify for Skipton's 100% mortgage or want to look at more options for first-time buyers, other low-deposit schemes may suit your needs. 

Deposit Unlock

With Deposit Unlock, you can buy your new home with a 5% deposit on mortgage products up to £750,000.

Deposit Boost

If you have a 10% deposit, you can boost it by 5% with Deposit Boost, meaning you’ll need an 85% mortgage.

Parent Power

With Parent Power, we can match your deposit up to 5% of the purchase price. Parents can help by guaranteeing your mortgage or acting as joint applicants.

Key Worker Deposit Contribution

You could use our Key Worker Deposit Contribution scheme if you’re a key worker. We’ll contribute £1,000 towards your deposit for every £20,000 you spend purchasing your new Barratt home.

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.

100% mortgages for first-time buyers are a great way to get on the property ladder. Browse our wide range of new homes across the UK and unique offers to help you become a homeowner.