Track Record Mortgages

Track record mortgages are perfect for people who are currently renting and struggling to save up for a deposit. These types of mortgages are perfect for people who have a track record of affordability of all monthly household bills and rent for a minimum or 12 month within the last 18 months.

If you do not have a deposit saved yet, our mortgage specialists are able to consider gifted deposits, however if you do have a 5% deposit or more, our mortgages products can be more suited to you. Track Record Mortgage products are tailored for lending above 95%. With getting on the property market being challenging, we understand that affordability is vital when it comes to finding your dream home. Our team are on hand to help ensure that the monthly mortgages payments must be either equal or lower than your average previous 6 months worth of rent. Putting this into context, if you are paying on average £700 over the last 6 months, your track record mortgage must be lower or equal to £700.

Track record mortgage packages come with a maximum term of 35 years and a maximum of 4.49x LTI. If you are a first-time buyer and currently renting and a healthy credit rating, and looking for a mortgage, our mortgage experts have you covered.

Contact us today to book a mortgage appointment today.

Am I Eligible for a Track Record Mortgages?

You will be eligible for a life time mortgage if:

  • You are a first time buyer
  • Over the age of 21
  • A deposit of less than 5% of the purchase value of the property if you have a deposit.
  • No missed payments on bills or credit cards payments. Mobile phone bills for example.
  • You are looking to borrow up to a maximum of £600,000
  • Not applicable for purchasing a new build flat.
  • Within the last 18 months, you have proof of paying rent for at least 12 months.
  • You have 12 months of experience paying all household bills.

FAQs about Track Record Mortgages

How will I know if I am not eligible

You may not be eligible for a track record mortgage if your rent over the last 6 months is lower than the new monthly mortgage payments indicated by the borrowing calculator.

If you are looking to purchase a new build flat. This is any flat being sold for occupation for the first time which has been newly built or converted within the last 3 calendar years.

Am I eligible if i've rented for more than 12 months, but moved in with family/friends less than 6 months ago to save for a deposit?

You may be accepted in this case as long as you can provide evidence of at least 12 months rental payments higher than the proposed mortgage payment. If you moved out more than 6 months ago, unfortunately you will not be eligible. If you rent again for a minimum of 12 months’ we can consider you application in the future.

What documentation is required for proof of rent payments?

12 months bank statements (full or concise) or a letter from the lettings agent (ARLA or other suitably registered lettings association e.g. NAEA, NACA) on headed paper, detailing the 12 monthly rent payments.

I pay my rent in cash, could they still be eligible?

Yes, but we will only accept a letter from an ARLA registered letting agent (or other suitably registered lettings association, e.g. NAEA, NACA) as proof of 12 months rental payments.

I've have been a guarantor / non-proprietor for someone else but never owned their own property, will I still be eligible?

Yes, but if you are still named on a mortgage as a guarantor / non-proprietor, this will need to be included as an outgoing on the affordability calculation.

I have a deposit, can they use this to reduce the amount they need to borrow?

Yes, although we don’t require a deposit for this product, they will still be eligible as long as the deposit is less than 5%.

The money can be from your own savings or gifted to you and helps reduce the monthly payment and overall borrowing amount. If the deposit is gifted, it must be from someone who meets our criteria for who can provide a gifted deposit. The person gifting them the deposit will need to complete a gifted deposit declaration form.

Can I buy a new build property?

Yes, new build houses are acceptable, however new build flats are not accepted.

A new build property is one that’s being sold for occupation for the first time, which has been newly built or converted within the last 3 calendar years.

Can I use this for buying a flat?

Yes, we will consider second hand flats, however new build flats are not accepted.

A new build flat is one that’s being sold for occupation for the first time, which has been newly built or converted within the last 3 calendar years

Can I make overpayments?

Yes. Overpayments of up to 10% of the original balance each year are permitted with no Early Repayment Charges (ERCs).

An Early Repayment Charge (ERC) will apply if you repay your mortgage early or make an overpayment that’s more than your annual overpayment allowance. This will apply during the initial 5 year fixed rate period of the Track Record mortgage.

What is the maximum loan I can borrow?

The maximum amount you can lend with a Track Record mortgage is £600,000.

Can I apply for a Track Record mortgage alongside other schemes e.g. Joint Borrower Sole Proprietor, Shared Ownership, First Homes (England), Help to Buy (Wales)?

No. Track Record mortgage cannot be used in conjunction with any other borrowing scheme.

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