Are You Currently Renting And Finding It Difficult To Save For A Deposit?

 

Why rent when you can buy? You could buy a home with the help of a Track Record mortgage.

• Are you looking to buy a home?
• Are you struggling to save for a deposit?
• Do you have a record of paying rent + household bills for at least 12 months?*

 

The Quealy & Co Financial Services team is delighted to share that a lender now offers a deposit-free 100% mortgage to buyers who have rented for 12 months or more.

The 100% Track Record mortgage could be the perfect solution for you, offering a way to buy a home without the financial burden of a large deposit.

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How does it work?

This deposit-free 100% mortgage enables buyers – who haven’t owned a property in the UK or abroad in the last three years – to purchase a home by providing evidence that they have made consistent rental payments for at least 12 months.*

Usually, a deposit between 5% and 10% is required for a buyer to apply for a mortgage, but renters often struggle to save for a deposit while paying rent.

This product will allow borrowers to side-step the usual deposit requirements, enabling renters to buy a home with a 100% mortgage.

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Who can apply?

You could apply for a Track Record mortgage if:

• You haven't owned a property in the UK in the last 3 years
• You are aged 21 or over
• You have no missed payments on debts/credit commitments in the last 6 months
• You want to borrow up to £600,000 (subject to their lending criteria)
• You're not looking to buy a property in Northern Ireland.

 

Sole applicants:

• You've paid all rent for 12 months in a row within the last 18 months. You may also need proof of household bills being paid.

 

Joint applicants (up to 4 people):

• You can prove that all rent has been paid either by one applicant or collectively for 12 months in a row within the last 18 months
• If you've been renting separately, you can prove that you have paid all your rent
• In either case, you may need proof of household bills being paid.

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What documentation is required?

For the application, you'll need to provide 12 months' bank statements evidencing rental payments, or a letter from the letting agent. The letting agent needs to be Association of Residential Lettings Agents (ARLA) registered or a suitable alternative, e.g. NAEA, NACA.

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Can I still use a deposit?

This product does not require a deposit; however, you can still reduce the amount you need to borrow as long as your deposit is less than 5% of the property’s value.

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Find out how much you could borrow.

This is exciting news for renters who are currently paying rent in full and unable to save for a deposit. If you would like to find out if a Track Record Mortgage is right for you, contact the Quealy & Co Financial Services team. We don’t charge a broker fee and are ready to help you find the best mortgage deal to suit your circumstances.

01795 505761⁠

mortgages@quealy.co.uk⁠ 

**Your home may be repossessed if you do not keep up repayments on your mortgage. All mortgages are subject to status and lender criteria. To qualify, you must have rented for at least 12 months. T&Cs apply.

Quealy & Co Financial Services Ltd. is authorised and regulated by the Financial Conduct Authority No. 919693