Skipton Building Society is launching tomorrow (16 October) a new Track Record product which will include £1,000 cashback.

The Skipton Group Affordability Index has found that only one in eight aspiring first time buyers can afford a home in their local area, with almost 80% of potential first-time buyers having insufficient savings for the deposit needed to get onto the property ladder in their area.

Skipton has designed its Track Record mortgage to enable more aspiring homeowners, who are trapped in the rental cycle, to have the opportunity to purchase a home of their own without the need of a deposit.

However, when it comes to buying a home of your own, there are many additional expenses to be covered, which is why Skipton is expanding its Track Record mortgage product range with a £1,000 cashback version of the product, to help support customers with the additional costs incurred with the purchase such as solicitor fees, moving costs, and furniture.

This new product launch follows Track Record’s performance in September, which recorded the highest monthly application value this year, with over £9.6 million in applications taking total applications since launch up to over £130m.

Jen Lloyd, head of mortgage products & propositions at Skipton Building Society said: “The current climate has made it increasingly challenging for first-time buyers to step onto the property ladder. We launched the Track Record Mortgage in 2023, to help people escape the rental trap and get the keys to their very own home.

“Since launch we’ve reviewed and enhanced our proposition and we’re pleased to confirm the launch of a new Track Record product, including £1,000 cashback. By helping to cover some of the often-overlooked costs of purchasing a home, we hope to provide first time buyers with a valuable boost and make the dream of homeownership a reality sooner.”