Borrowers can now get £1,000 cashback on the first-time buyer product. The Track Record Mortgage is the only 100% mortgage on the market specifically aimed at renters.
The new cashback offer is designed to help first-time buyers with the additional costs of buying a home, such as solicitor fees, moving costs, and furniture.
The fee-free cashback mortgage is priced at 5.44% on a five-year fixed rate, and is available up to 100% of the property’s value.
Priced out
The lender said that only one in eight aspiring first-time buyers can afford a home in their local area and almost 80% have insufficient savings for the deposit needed to get onto the property ladder.
Skipton’s Track Record mortgage enables those trapped in the rental cycle to purchase a home without a deposit.
Jen Lloyd, head of mortgage products & propositions at Skipton Building Society, said: “The current climate has made it increasingly challenging for first-time buyers to step onto the property ladder. We launched the Track Record Mortgage in 2023, to help people escape the rental trap and get the keys to their very own home.
“Since launch we’ve reviewed and enhanced our proposition and we’re pleased to confirm the launch of a new Track Record product, including £1,000 cashback. By helping to cover some of the often-overlooked costs of purchasing a home, we hope to provide first time buyers with a valuable boost and make the dream of homeownership a reality sooner.”