Are you struggling to save for a deposit because you have to pay rent each month? With the rising cost of living, it’s growing more difficult for young individuals to save, invest and grow their money for a 4-5 figure deposit all whilst paying rent, keeping up with bills and living.

Skipton Building Society are not expecting you to.

Skipton are offering up to 100% LTV mortgages for first-time buyers to encourage buying your own property as opposed to renting, the first initiative of its kind.

First-time buyers who are currently renting and can demonstrate a track record of affordability of all monthly rent and household expenditure for a minimum for 12 months in the last 18-month period could be eligible.

The monthly payment must be equal to or lower than the average of the last 6 months rental cost. For example, if the average rent over the last 6 months is £800, the mortgage payment must be £800 or lower. With the help of Scotia’s Mortgage Subsidy scheme, we can support your monthly repayments too, reducing your cost further and increasing your affordability for 2-3 years.

So who is eligible for a 100% LTV mortgage?

- 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 (e.g. mobile phone bill) in the last 6 months
- They are looking to borrow up to £600,000
- They meet the household-to-household criteria (see below)
- They're not looking to buy a new build flat
- They have proof of having paid rent for at least 12 months in a row, within the last 18 months
- They have 12 months experience paying all household bills within the last 18 months.

For full information on Skipton Building Society’s 100% LTV mortgage, click here.

Considering a new, energy efficient Scotia home? Contact our professional sales team today and speak to one of our trusted financial advisors FOR FREE and see if you can take advantage of this incredible initiative. Email info@scotia-homes.co.uk or view our available plots online here.

Our marketing suites and showhomes are open Thursday to Monday 10.30am to 5.30pm.

Tc and Cs apply.