Skipton Building Society says its 100% loan-to-value Track Record mortgage has notched up almost £200m in applications since launch.
The loan, aimed at first-time buyers, has attracted £198.6m in applications and £111m in completions since the product’s May 2023 debut.
The product loan allows tenants over 21 with “a strong track record of rental payments” to borrow up to £600,000 on a five-year fixed-rate loan.
The lender says the spread of its completions across the UK covers:
| Region | % of cases |
| East Midlands | 9% |
| East of England | 9% |
| Greater London | 2% |
| North East | 9% |
| North West | 11% |
| Northern Ireland | 0% |
| Scotland | 20% |
| South East | 11% |
| South West | 6% |
| Wales | 6% |
| West Midlands | 5% |
| Yorkshire and Humberside | 11% |
Skipton head of mortgage products & proposition Jen Lloyd says: “We launched the Track Record Mortgage in 2023 to help tackle the UK’s housing affordability crisis and give renters trapped in cycles of rising rents, the opportunity to get onto the property ladder.”
She adds: “We’ve continued to evolve the product, expanding the maximum term from 35 to 40 years, allowing new build flats and introducing cashback options.”
Last week, Skipton Group, which owns the mutual and estate agent Connells, posted mortgage balances up 8.2% to £30.9bn in 2024 from the previous year.
The business will not release gross new mortgage lending for 2024 until it publishes its annual report next month.
However, pre-tax profit across the group fell 4.4% to £318.6m from a year ago as it suffered, “downward pressure on net interest income”.
