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BLOG: First time buyers, are you thinking about 100% mortgage?

Posted July 10, 2023

The first steps for most first-time buyers are to get their deposit in place before being approved for a mortgage, with an agreement in principle. That means passing the financial stress tests, filling in all of the paperwork correctly, and getting ready to move in.

For many young people, it’s difficult to get onto the property ladder and owning a home may not be possible until later in life. This is where Skipton have stepped in to help with their new 100% mortgage product, meaning that first time buyers may be able to own a home sooner.

Their criteria includes:

  • Each applicant is a first-time buyer.
  • Each applicant is 21 or over.
  • They are looking to borrow up to £600,000.
  • They are not looking to buy a new build flat.
  • They have 12 months experience paying all household bills within the last 18 months.
  • They are not looking to buy a property in Northern Ireland.
  • They have proof of having paid rent for at least 12 months in a row on a UK property, within the last 18 months.

If you are a first-time buyer and would like to get the ball rolling and find out if this will suit your situation, please get in touch with Katie Durcan on 01270 620555.