Track Record Mortgage

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With only very limited options to borrow with less than 5% deposit or no deposit at all, or without help from friends and family, Track Record mortgages could be the solution many have been searching for.

Skipton Building Society is offering a 100% mortgage based on your track record of paying rent and bills. You still have to pass eligibility and affordability checks.

Who is eligible for a Track Record mortgage?

You might be eligible if you:

  • Haven’t owned a property in the UK for the last three years
  • Are aged 21 or over
  • Are looking to borrow up to £600,000
  • Are not looking to buy a new build flat
  • Have proof of having paid rent for at least twelve months in a row, within the last 18 months
  • Have twelve months’ experience paying all household bills within the last 18 months
  • Do not intend to buy a new build flat or a property in Northern Ireland

If you have a deposit, it must be less than 5% of the purchase price.

If applying alone, you must have covered the rental and household expenditure payments by yourself for twelve consecutive months within the last 18 months.

Joint applicants will need to evidence that one applicant has made these payments either collectively or wholly.

Joint applicants who have been renting separate properties will be eligible, as long as each applicant can evidence that they have individually covered their entire rental and household expenditure payments. Your combined rental payments will be used when calculating the maximum loan amount.

You cannot use this scheme if you will own another property on completion, i.e. a buy to let. You also cannot use another scheme, like shared ownership.

How does applying for a Track Record mortgage work?

Two calculations need to be completed.

The first is Skipton’s Track Record calculator, which determines how much you could borrow based on how much your rent is. The monthly mortgage payment must be equal to or lower than the average of the last six months rental cost – e.g. if the average rent over the last six months is £800, the mortgage payment must be £800 or lower.

The second is a standard affordability calculator, which assesses income and expenditure.

The maximum amount you can borrow is the lower of these two figures.

The mortgage then needs to be applied for as normal. Approval is still subject to underwriting and a suitable property valuation.

The lender limits you to 4.49x income as a maximum, and the longest mortgage term available is 35 years (subject to other criteria such as age).

Your home in the future

There is a risk of being in negative equity; that’s when you owe the bank more than the house is worth. This can happen if house prices drop, especially if it occurs shortly after you move in, when you haven’t had sufficient time to repay much of the mortgage.

If you were in negative equity, you wouldn’t be able to remortgage to another lender. You would also be out of pocket if you sold as you would have to find additional funds to pay back the full amount you owe the bank.

There are no further restrictions on selling or on remortgaging. As long as you have sufficient equity, can pass the credit check, and you pass the affordability checks based on income and expenditure, you can move to another lender in the future.

Pros and cons of a Track Record mortgage


  • No deposit required!
  • No restrictions on future resale
  • No additional up-front costs
  • Only one lender currently offering this product, so it may be withdrawn at short notice
  • Risk of being ‘trapped’ in negative equity
  • If your current rent is low, you won’t be able to borrow very much

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