Skipton Building Society is launching a brand-new track record product which will include £1,000 cash back. The deal, available from 16 October, is aimed at first time buyers.
The Skipton Group Affordability Index identified that only 1 in 8 aspiring first time buyers can afford a home in their local area. With almost 80% of potential first-time buyers having insufficient savings for the deposit needed to get onto the property ladder in their area.
Skipton’s Track Record mortgage aims to help aspiring homeowners, who are trapped in the rental cycle, to have the opportunity to purchase a home of their own without the need of a deposit.
Details of the new Track Record product include: a five-year fixed rate at 5.44%; up to 100% LTV, £1,000 cashback and £0 fee.
Commenting on the launch, Skipton, head of mortgage products and propositions Jen Lloyd 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.”
She added: “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.”
