"With over £91.5 million in applications, the success stories, and examples of how the product has allowed trapped renters to own their own home are exactly why we created this product."
- Jen Lloyd, head of mortgage products and proposition at at Skipton
On May 9th 2023, Skipton Building Society launched the Track Record Mortgage, a 100% LTV mortgage exclusively for renters.
Originally designed for first-time buyers, Track Record evolved throughout its first year in the market to support more trapped renters, enabling people who have previously owned a home to apply for the product.
One year since its launch date, Track Record has seen over £91.5 million in applications from renters up and down the country, with Scotland topping the chart for the region with the most applications.
Jen Lloyd, head of mortgage products and proposition at at Skipton Building Society, said: “We launched Track Record Mortgage a year ago to tackle the UK’s housing affordability crisis and enable more people, especially renters who are trapped in renting cycles, to buy their first home.
“I’m extremely proud that we’ve been able to make homeownership a reality for many renters who thought it might not be an option for them this time last year. With over £91.5 million in applications, the success stories, and examples of how the product has allowed trapped renters to own their own home are exactly why we created this product.
“We know there isn’t one quick solution to addressing this huge societal challenge of tenants being trapped in renting cycles, with rents escalating faster than mortgage payments and the increased cost of living but doing nothing isn’t going to solve this UK housing issue.
“This is why we decided to further expand the product criteria late last year to not only help first-time buyers but other renters who have fallen off the property ladder. We will continue to do more to innovate, not only in this space, but other areas to unlock homeownership for more.”
