Track Record Mortgage

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 and 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 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 Calculator i.e. tenancy agreement or letting agents letter, which need 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.

Our Track Record Mortgage can be used alongside Shared Ownership. However it cannot be used in conjunction with any other schemes. This includes but is not limited to Joint Borrower Sole Proprietor, 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.