Created 15th May 2023

In an exciting development for aspiring homeowners, Skipton Building Society has recently introduced a ground-breaking mortgage product that offers a 100% loan-to-value (LTV) ratio. This bold move aims to empower individuals who struggle to save for a substantial deposit, opening doors to homeownership that were previously out of reach for many. The product comes with a free standard valuation, no lender product fee and allows overpayments of up to 10% per annum of the original loan amount, without incurring an Early Repayment Charge. Skipton's innovative approach signifies a significant step towards making the dream of owning a home a reality for a wider range of individuals.

The 100% LTV mortgage product from Skipton Building Society is a game-changer in the mortgage industry. By eliminating the requirement for a deposit, this mortgage option addresses one of the most significant barriers to homeownership – the struggle to save for a substantial down payment. Skipton's decision to introduce this product demonstrates its commitment to making homeownership more accessible and inclusive, particularly for first-time buyers and those with limited savings.

For many first-time buyers, saving a sizable deposit can feel like an insurmountable challenge. Skipton's 100% LTV mortgage offers an excellent opportunity for this demographic to enter the property market earlier than anticipated. By removing the need for a deposit, Skipton is providing aspiring homeowners the ability to secure a mortgage and start building equity sooner. This can have a significant positive impact on the financial future of first-time buyers, enabling them to enter the property ladder and potentially benefit from future property price appreciation.

Here are the basic criteria to be eligible for 100% loan-to-value product: • Each applicant is a first time buyer • Each applicant is aged 21 or over • If they have a deposit, it must be less than 5% of the purchase price • Each applicant has no missed payments on debts / credit commitments in the last 6 months • Maximum borrowing of £600,000 • They meet the household-to-household criteria • Proof of having paid rent for at least 12 months in a row, within the last 18 months • Proof of 12 months experience paying all household bills within the last 18 months • Not available on a new build flats

Full eligibility criteria will apply, and mortgage is subject to satisfactory credit scoring and affordability checks.

Skipton Building Society's launch of a 100% loan-to-value mortgage product marks a significant milestone in the mortgage industry. By removing the requirement for a deposit, Skipton is breaking down barriers and creating opportunities for aspiring homeowners. However, borrowers must approach this opportunity with careful consideration and responsible financial planning. With its customer-centric approach, Skipton Building Society is empowering individuals to turn their homeownership dreams into reality, further solidifying its position as a leader in the financial sector.

For more information about mortgages contact the team via or 0191 260 2000. BH Mortgage Services Ltd is an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority (FCA) for general insurance, pure protection, and mortgage business. The Right Mortgage Limited is registered in England and Wales. Company No: 09863667. Registered address: John's Court, 70 St Johns Close, Knowle, Solihull, B93 0NH.

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