Track Record Mortgage: Why rent when you can buy?
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Saving for a deposit is one of the biggest barriers facing renters who want to buy their first home. And while banks often hesitate with buyers who haven’t built up a repayment history, the deposit-free Track Record mortgage is designed to change that.
The mortgage allows you to use your history as a tenant to support your mortgage loan, dropping that deposit from 10% down to 0%. To use it, all you need is a record of paying your bills on time for 12 months – something you’ve probably been doing anyway!
How does a deposit-free mortgage work?
The Skipton Track Record mortgage is designed for first-time buyers who are paying rent but struggling to save for a deposit. Instead of asking for 5–10% upfront, it uses your rent, council tax and utility bill history to prove your financial reliability – meaning you can get on the property ladder with a 0% deposit.
When you buy your new home with Anwyl, you’ll benefit from this deposit-free mortgage option and enjoy the certainty of a fixed interest rate, helping you plan your repayments with confidence from day one.
How do I apply for a Track Record mortgage?
You might be eligible for this mortgage if:
- You’re a first-time buyer aged 21 or over
- You have less than a 5% deposit and are looking to borrow up to £600,000
- You have proof of paying rent and all household bills for at least 12 consecutive months
The product is currently exclusive to Skipton Building Society – and the good news is, it can be used to purchase any Anwyl home across North Wales and the North West,* whether you’re looking for a quiet coastal home in Llandudno or a connected community near Manchester.
Our team and independent financial advisers will guide you through the process of applying for your deposit-free mortgage and help you check if you’re eligible.
Speak to a Home Adviser to get started
* Subject to terms and conditions and meeting the affordability and eligibility criteria.
FAQs
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You might be eligible if:
- Each applicant is a first-time buyer
- Each applicant is aged 21 or over
- You have proof and experience of having paid rent and household bills for at least 12 months in a row, within the last 18 months
- You have no missed payments on debts and credit commitments in the last six months
- You have less than a 5% deposit
- You are borrowing up to £600,000
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You’ll be required to provide 12 months bank statements or a letter from the lettings agent detailing the 12 monthly rent payments.
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The maximum amount available to borrow with a Track Record mortgage is £600,000.
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Yes, although a deposit is not required for this product, you can still choose to supply one as long as the deposit is less than 5%.
The money can be from your own savings or gifted if this helps reduce the monthly payment and overall borrowing amount.
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No, unfortunately the Track Record mortgage cannot be used to purchase a new build flat/apartment.
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If you are joint applicants who have been renting separate properties previously, you may still be eligible. You would need to provide evidence that each applicant has paid the entirety of their rent and household bills.
In this instance, when calculating the maximum loan amount based on the average rental payment over the last 6 months, your combined rental payments can be used.
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Instead of using your history of homeownership to bring down your deposit, the Track Record program is a new kind of mortgage that uses your record of paying rent, bills and council tax to secure the loan. This allows the bank to use your history as a tenant as a form of confidence, giving you a better deal on your deposit and repayments.