Skipton Building Society has introduced a new mortgage option featuring cashback, designed to aid first-time buyers.
- This initiative seeks to alleviate overlooked homebuying costs, making homeownership more accessible.
- The Track Record mortgage offers a five-year fixed rate of 5.44% with no fees and includes a £1,000 cashback option.
- Enhancements to this mortgage range include extended loan terms and eligibility for new builds and shared ownership.
- The Track Record mortgage, initially launched in 2023, aims to support individuals escaping rental burdens.
Skipton Building Society has launched a new component within its Track Record mortgage range, now offering a cashback element specifically targeting first-time buyers. This development is a strategic move to ease some of the often-overlooked financial demands associated with purchasing a home, thus lowering the entry barrier for many aspiring homeowners.
This offering features a five-year fixed interest rate of 5.44% and includes a £1,000 cashback, without any associated fees. The maximum loan amount available to customers opting for this cashback product will be slightly reduced due to the higher interest rate, providing a balanced yet attractive option for potential buyers.
Further enhancements to the Track Record mortgage range were recently implemented in August. These improvements include extending the maximum allowable loan term to 40 years, offering loan facilities for new-build flats, and launching a shared ownership version. These adjustments reflect Skipton’s commitment to evolving their offerings in line with market needs and customer feedback.
Jen Lloyd, head of mortgage products & propositions at Skipton Building Society, expressed the organisation’s dedication by stating, “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.” This statement underscores the utility of the new product and its alignment with the current economic climate’s requirements.
The original Track Record mortgage was introduced in 2023 to assist those trapped in rental accommodation to transition to property ownership. The enhancements and new cashback feature further this aim by offering practical financial solutions and fostering a supportive path towards owning a home.
Skipton Building Society’s latest mortgage initiative is a calculated effort to provide meaningful assistance to first-time buyers in today’s challenging market.
