Skip to main content

As a building society, one of our fundamental purposes is to help people into homes. For one group, First Time Buyers, it could be argued that purchasing a home has never been more challenging. Research recently undertaken by Skipton Building Society shows that on average it takes 7.9 years to save the deposit for a first home and in some areas of the country that extends to 10 years; 12 in London.  Coupled with the recent increases of mortgage rates and knock-on challenges with affordability, the cost-of-living crisis and the end of Help to Buy, there’s a lot for someone buying for the first time to tackle.  Some First Time Buyers may be lucky enough to have family members or friends who are able to contribute towards their deposit but, for many there is no Bank of Family.

At Skipton we recognise that First Time Buyers are a fundamental component of a buoyant housing market and we’ve been innovating to help people achieve their dream of home ownership.


Skipton’s research of 2,000 renters in March 2023 found that whilst 86% of renters dream of owning a house one day, eight out of ten felt trapped within the rental market and 35% are struggling to save because their rent has increased.  

Skipton wanted to help renters who felt trapped in the rental market, paying rents higher than a mortgage and preventing the ability to save for a deposit. Cue our Track Record product which allows borrowers who can evidence affordability for a mortgage and who have a strong track record of rental payments to buy a property, borrowing up to 100% of the property value. 

Whilst the product was initially only available to First Time Buyers, we’ve listened to broker and customer feedback and have recently updated our criteria, extending this product to customers who have not owned a property in the last three years, which means that we can help you to help more of your customers.


Also known as an income boost, is another great product to designed to help First Time Buyers into home ownership. 

At Skipton, we can accept up to four borrowers and use all four incomes and there’s no requirement for the borrowers to be related. They could be friends, godparents or an employer helping a key worker.  The supporting borrowers can even reside in the property.  A versatile product we’ve also seen it used in relationship breakdown scenarios or to help elderly relations whose interest only mortgage is reaching the end of its term. All of which provides more flexibility for you as a broker and options for your customers. 

We are committed to continuing to help First Time Buyers reach that first rung of the ladder so watch out for more innovation from us in coming months.

I look forward to working with you all to help shape our proposition and help more First Time Buyers to purchase their first home. To find out more, visit us our page or speak to your local Skipton BDM.