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.
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
7 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
9 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
14 days ago
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
29 Aug 2025
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.