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
Cons of a Delayed Start Mortgage
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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