6 Aug 2025
Delayed Start Mortgages
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments.
This product has been designed to help soften the blow of moving in costs for first time buyers. Research from the building society showed that new homeowners face huge costs when purchasing their home. The survey showed that the average costs included £3,500 on furniture and £2,600 on kitchen appliances.
Delayed start mortgages – how do they work?
No mortgage repayments due for three months after completion
This allows new home-owners time to settle in having used most of their savings to purchase the house, items, and moving costs
Fixed rate options
You can choose between a two- or five-year mortgage for this product. The rate you’ll pay will depend on the size of your deposit, which rate you take out, and whether or not you’re buying a new build
Borrow up to 95% of your home’s market value
You will only be required to front 5% deposit
Only for first-time buyers
At least one applicant needs to be a first time buyer to be eligible
Pros of a Delayed Start Mortgage
- The main advantage of this product is to ease into mortgage repayments. The extra costs of buying a home can come as a bit of a shock to first-time buyers
- Money spare to create a home - not having to repay the mortgage immediately, could allow you to make your house into a home by using funds to purchase furniture, appliances, and decor, and not have to wait until you recoup funds
- More affordable for those wanting to buy - it could help with managing financial challenges that crop up after buying a home, allowing more people to make the jump onto the property ladder
- Works with income booster - you can also use the Delayed Start mortgage alongside Skipton’s Income Booster scheme
Cons of a Delayed Start Mortgage
- You'll be paying more overall - despite delaying your first three mortgage payments, the interest will start to accrue from the very beginning. This means you will be paying more in interest over the term
- You could miss out on deals - with lenders cutting rates recently, it is a good idea to look around to find the best deal for you as a first time buyer. The best way to do this is by speaking to an independent mortgage broker who can help you discuss all options with you.
To find out more about this mortgage or discuss any other products, contact the experts at Mortgage Required on 01628 507477.
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