- Total Track Record Mortgage applications since launch (May 2023) – Over £91.5 million
- Average purchase price of property – £152,015
- Skipton’s Track Record Mortgage is the only 100% mortgage on the market specifically aimed at renters
On May 9th, 2023, Skipton Building Society launched the Track Record Mortgage, the UKs first 100% LTV mortgage exclusively for renters.
In an industry first, Skipton Building Society handed a lifeline to tenants across the country, to help them break out of their trapped rental cycles and onto the property ladder for the first time. Originally designed for First Time Buyers, Track Record evolved throughout its first year in the market to open up to support even 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 trapped renters up and down the country, with Scotland topping the chart for the region with the most applications.
Top 10 most popular regions for Track Record Mortgage applications
| Region | % | Average purchase price |
| Scotland | 15% | £112,372 |
| North West | 14% | £142,535 |
| South East | 12% | £202,938 |
| East of England | 10% | £197,500 |
| Yorkshire & Humberside | 10% | £114,531 |
| North East | 9% | £103,658 |
| East Midlands | 8% | £157,159 |
| Wales | 8% | £128,034 |
| West Midlands | 7% | £140,978 |
| South West | 7% | £173,075 |
Data from Hamptons Estate Agents (Part of Skipton Group) shows that in a bid to escape the heated rental market, first-time buyers have dominated the sales market this year making up a record third of all purchasers, this follows on from last year where 29% of homes in Great Britain were bought by a first-time buyer, which set the previous milestone.
However, improving affordability conditions have helped unlock moves from those who couldn’t afford to buy last year.
This has been a trend over the last decade, the share of homes bought by a first-time buyer in Great Britain has almost doubled, from 17% in 2014 to 33% this year. The return of high loan-to-value (LTV) lending alongside low-interest rates throughout much of that period has helped more people become homeowners. This has been coupled with a clampdown on buy-to-let, reducing demand from landlords, which in turn has often come at the expense of renters.
London saw the biggest increase. First-time buyers purchased a record 50% of all homes sold in the capital so far this year, up from 41% in 2023 and 28% a decade ago.
Top 5 property types purchased through Track Record Mortgage
| Property Type | % |
| Terraced House | 48% |
| Flat | 30% |
| Semi Detached House | 18% |
| Detached House | 2% |
| Bungalow | 2% |
Leyla Mendiolea, a Skipton Track Record Mortgage Customer, living in insert location Said: “I was paying around £1,500 a month for a 1 bed flat and that was due to increase to £2,000 a month in rent. But to own your first home as a first-time buyer it is a challenge, a 5% deposit was still looking like £12-£15,000.”
“However, because of our good track record of rental history and the high amount we were regularly paying in rent, it meant we could be considered for a 100% Track Record and afford our own home. Even at a time of increased mortgage rates our mortgage payment through Skipton’s Track Record mortgage was less than what we were paying in rent, owning our own property allows me to feel stability and our own safe haven that you don’t get while renting.”
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.”
Skipton have Track Record case studies available to be interviewed, please contact joe.dearnley@skipton.co.uk
