Skipton Building Society Launches “Industry First” Mortgage Without Deposit

Skipton Building Society Launches “Industry First” Mortgage Without Deposit

…By Larry John for TDPel Media. Skipton Building Society has introduced a new mortgage product that it claims is an “industry first” in not requiring a deposit, aimed at those currently trapped in “renting cycles” who are unable to save up for a deposit to buy their own home.

The Track Record Mortgage, also dispensing with the need for a guarantor, will be available to tenants who can show they can afford to meet the mortgage payments and demonstrate a track record of paying their rent.

The product, which carries a five-year fixed rate at 5.49%, enables buyers to borrow up to 100% of the value of a property, offering the prospect of moving onto the property ladder.

Skipton’s CEO of Home Financing, Charlotte Harrison, commented that the lender had recognised the “clear gap” in the market for those without sufficient savings or access to family wealth to purchase a home, particularly given the escalating rents and cost-of-living squeeze that was making it almost impossible for people to get onto the property ladder.

The product was aimed at tackling one of the UK’s biggest housing challenges, particularly given the impact of people being trapped in rental cycles on the fabric of society.

Skipton’s own research revealed that eight out of ten tenants felt trapped in the rental cycle and were paying rents higher than a mortgage, which was preventing them from saving for a deposit.

Meanwhile, first-time house prices have risen by an average of 18% over the past two years, making it harder for first-time buyers to get onto the property ladder.


The lender said its new mortgage product aimed to ensure affordability, with buyers not paying more than their current monthly rent.

The product is only available to first-time buyers aged 21 and over, with the option to borrow between 95% and 100% of the property’s value, and a maximum mortgage term of 35 years.

Skipton has warned that it expects the deal to sell out quickly given high demand.

The company’s Charlotte Harrison stressed that the product would not be able to help everyone and was only part of the solution to help turn “generation rent” into “generation buy”.


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Larry John is a talented writer and journalist based in New York, USA. He is a valued contributor to TDPel Media, where he creates engaging and informative content for readers. Larry has a keen interest in current events, business, and technology, and he enjoys exploring these topics in-depth to provide readers with a comprehensive understanding of the issues. His writing style is characterized by its clarity, precision, and attention to detail, which make his articles a pleasure to read. Larry’s passion for storytelling has earned him a reputation as a skilled writer and a respected authority in his field.

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