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Track Record Mortgage

What is a Track Record Mortgage?

A Track Record Mortgage is a type of mortgage designed for individuals who have a proven history of making rental payments on time. This mortgage takes into account your rental payment history as evidence of your ability to meet monthly mortgage payments.

Applying for a Track Record Mortgage involves several steps to ensure you meet the eligibility criteria and gather the necessary documentation. Here’s a step-by-step guide to help you through the process:


How to apply

1. Check Your Eligibility

  • Ensure you have a consistent rental payment history, typically for 12 to 24 months.
  • Verify that you meet any other criteria set by the lender, such as income requirements and credit history.

2. Gather Necessary Documentation

  • Rental Payment History: Obtain proof of your rental payments, such as bank statements, rent receipts, or a letter from your landlord.
  • Income Proof: Collect recent payslips, tax returns, or bank statements to demonstrate your income stability.
  • Identification: Have your identification documents ready, such as a passport or driver’s license.

3. Research Lenders

  • Look for lenders that offer Track Record Mortgages. Not all lenders provide this type of mortgage, so it’s important to find those that do.
  • Compare mortgage rates, terms, and conditions from different lenders to find the best deal.

4. Consult a Mortgage Broker

  • Consider consulting a mortgage broker who can help you navigate the options and find a lender that offers Track Record Mortgages. They can provide personalised advice based on your financial situation.

5. Submit Your Application

  • Fill out the mortgage application form provided by the lender.
  • Submit all required documents, including proof of rental payments, income proof, and identification.

6. Undergo Credit and Affordability Checks

  • The lender will conduct credit checks and affordability assessments to ensure you can manage the mortgage repayments.

Current Lenders

Skipton Building Society

Skipton Building Society is currently one of the primary lenders offering Track Record Mortgages. This mortgage is designed to help renters transition to homeownership by leveraging their rental payment history as proof of affordability.

Key Features of Skipton’s Track Record Mortgage:

  • Eligibility: Applicants must have paid their rent in full for at least 12 consecutive months within the past 18 months.
  • Loan Amount: The mortgage is available for loans up to £600,000.
  • Usage: It cannot be used for purchasing new-build flats or in conjunction with other borrowing schemes.
  • No Deposit Required: This mortgage does not require a deposit, making it accessible to those without significant savings​ (Skipton Building Society)​​ (YesCanDo Money)​​ (Skipton Intermediaries)​.

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