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Track Record Mortgage

What is Track Record Mortgage?

  • A mortgage for renters

    We use your track record of paying rent to work out what you may be able to borrow.

  • Fixed rate for 5 years

    The interest rate on this mortgage is fixed for 5 years, meaning your rate won't change during this time period.

  • No deposit needed

    We will accept a deposit of less than 5%, but you don't need a deposit to apply for this mortgage.

  • No completion fee

    We won't charge you any fees for the completion of this mortgage.

Who can apply?

  • You haven't owned a property in the UK in the last 3 years
  • You are aged 21 or over
  • You have no missed payments on debts / credit commitments in the last 6 months
  • You want to borrow up to £600,000
  • You're not looking to buy a new build flat
  • You're not looking to buy a property in Northern Ireland.

Sole applicants:

  • You've paid all rent for 12 months in a row, within the last 18 months. We may also want to see proof of payments of household bills.

Joint applicants (up to 4 people):

  • You can prove that all rent has been paid either by one applicant or collectively for 12 months in a row, within the last 18 months
  • If you've been renting separately you can prove that you have paid all your rent
  • In either case we may also want to see proof of payments of household bills.

If this isn't right for you...

We may have other products which are more suitable for you. Find a mortgage using our mortgage finder.

You could lose your home if you don’t keep up your mortgage repayments.

Frequently asked questions

5.45%

Fixed until 30/06/2029. After which it reverts to our Residential Mortgage Variable Rate (RMVR) for the rest of the term. Our current RMVR is 6.79%.

Annual Percentage Rate of Charge (APRC)

The overall cost for comparison is 6.5% APRC

Example:

The APRC is calculated on: A repayment mortgage of £210,000 over 33 years on a fixed rate of 5.45% until 30/06/2029, and then our RMVR currently 6.79%, for the remaining term. This mortgage requires 60 monthly payments of £1143.19, 335 payments of £1310.18 followed by a final payment of £95.60. The total amount payable is £507,597.30 made up of the loan amount plus interest and CHAPS fee of £20. The interest rate quoted includes a 0.25% Direct Debit discount.

Important notes

Monthly payments must be paid in advance by Direct Debit on the 1st of each month. The interest rates quoted include a 0.25% Direct Debit discount. If the Direct Debit is cancelled, the discount will be removed.

An Early Repayment Charge (ERC) applies if you repay your mortgage early or make an overpayment that's more than your 10% annual overpayment allowance, during the first 5 years. For full details please see your Mortgage Illustration/offer.

Our Track Record mortgage is only available on a repayment basis. This means that you will pay back capital as well as interest over the mortgage term.

All mortgages are considered alongside lending criteria, valuation and underwriter approval.

The maximum loan size may vary due to other lending criteria (as well as affordability), which will be reviewed during your application.

There are no application or completion fees for our Track Record mortgage. Other fees may apply after the mortgage is taken out depending on your circumstances. See our Tariff of Mortgage Charges [PDF].

Yes, an Early Repayment Charge (ERC) applies if you repay your mortgage early or make an overpayment that's more than your 10% annual overpayment allowance during the 5 year fixed term. Your allowance cannot be rolled over. For full details please see your Mortgage Illustration/offer. After the ERC period has ended, unlimited overpayments can be made.

6% until 30 June 2026,
then 5% until 30 June 2027,
then 4% until 30 June 2028,
then 1.75% until 30 June 2029.

There are no application or completion fees for our Track Record mortgage. Other fees may apply after the mortgage is taken out depending on your circumstances. See our Tariff of Mortgage Charges [PDF].

We won’t charge you for valuing your property for mortgage purposes where the property is worth less than £1.5 million. This is for our purposes only and limited to one application per applicant(s). It’s not a survey, and doesn’t guarantee the property is free from faults. We strongly recommend you obtain your own, more detailed survey, either a RICS Home Survey Level 2 or Level 3 Report to ensure the home you’ve chosen is in a good condition.

The standard valuation is not regulated by the Financial Conduct Authority.

The maximum age at the end of term is 75, however evidence of expected retirement income may be requested and taken into account. For people reaching State Pension age now, the State Pension age is 66. If you were born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68.

Yes, although we don't require a deposit for this product, you will still be eligible as long as your deposit is less than 5%.

The money can be from your own savings or gifted to you and helps reduce the monthly payment and overall borrowing amount. If your deposit is gifted, it must be from someone who meets our criteria for who can provide a gifted deposit. The person gifting you the deposit will need to complete a gifted deposit declaration form.

12 months bank statements (full or concise) or a letter from the letting agent (needs to be Association of Residential Lettings Agents (ARLA) registered, or suitable alternative, e.g. NAEA, NACA) detailing the 12 monthly rent payments.

A concise statement showing only the last 12 months rental payments is preferred over 12 months full bank statements. It is often possible to search for specific payments on your bank’s website and generate a printable statement showing just those transactions. You may be less likely to be able to do this through your banking app.

We accept applications for new build houses. However, we do not accept applications for new build flats.

A new build home is one that has never been lived in before, which has been newly built or a home property which has been converted into a home within the last 3 calendar years.

Yes, you can apply for a Track Record mortgage. But when you’re calculating your maximum loan, any housing benefit would need to be removed when you enter your total monthly rent into the Quick Calculator. For example, if your rent for the last 6 months is £500 but you have received £150 monthly housing benefit, you would use £350 in the Quick Calculator. Then when you move onto the Decision in Principle (DIP), regardless of whether the housing benefit will remain on completion of the mortgage or not, you must exclude it from your income.

Yes, you can apply for a Track Record mortgage as long as you can clearly show both:

  • the rent part of the payment, for calculating the maximum loan amount in the Quick Calculator (i.e. tenancy agreement or letting agents letter (needs to be Association of Residential Lettings Agents (ARLA) registered, or suitable alternative, e.g. NAEA, NACA)
  • if needed for your application, the utilities part of the payment is paid at full market rates with no discounts.

No. Our Track Record mortgage cannot be used in conjunction with any other schemes. This includes but is not limited to Joint Borrower Sole Proprietor, Shared Ownership, First Homes (England), Help to Buy (Wales).

No, unless you have evidence of pre-settled/settled status under the EUSS, permanent rights of residency, or indefinite leave to remain in the UK. But, if this is a joint application and the income of a VISA holder is not being used as part of the affordability assessment, you could be eligible.

The maximum amount we will lend is 100% of whichever is lower, the purchase price or the valuation/home report, up to £600,000. If the purchase price is more than the home report figure, we could lend the valuation amount on the home report, and you can make up the difference using your own funds.

We may be able to consider a Track Record mortgage depending on your individual circumstances, please contact us on 0345 607 9825 to discuss.

Please note that this product may be withdrawn at any time, without notice.

Need help?

Call us

If you need more help one of our friendly members of staff would be happy to assist.

0345 607 9825

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