Saffron Green, now 22, and her husband Reece purchased a £156,000 home with only £600 in savings, using Skipton Building Society's Track Record Mortgage. The scheme allows renters who have consistently paid rent on time to secure a mortgage without a large deposit.
Struggling to Save While Renting
The couple, from Pontefract, rented for 18 months after leaving their family homes but found it difficult to save for a deposit. Saffron, a travel sales adviser, told Skipton Building Society: "About a year into renting was when we realised how hard it was to save, pay rent and bills. We couldn't get enough money saved for a deposit; every time we saved a bit of money, something happened, eg vets bill or the car."
Despite having only £600 in savings, they began house-hunting in August 2024 when their 12-month tenancy ended. However, Saffron needed to be 21 to qualify for the mortgage, forcing them to wait until October 2024. She said: "Having to wait until I turned 21 was rather frustrating, as we were already viewing houses and found an almost perfect home that we didn't get chance to put an offer on as I wasn't 21 yet."
How the Track Record Mortgage Works
The couple learned about the Track Record Mortgage through research and their mortgage broker. It assesses rental payment history rather than requiring a traditional deposit. Saffron explained: "We found out about the Track Record mortgage by researching and also our amazing mortgage broker. I asked him if it was possible for us and he set up a meeting with us both, explained the criteria and helped us through the whole process."
She noted that solicitors were the main obstacle: "Being first-time buyers, we expected them to be a little more understanding and explain things a little more to us."
Settling into Their Home
The couple moved into their £156,000 home and are about 50% through renovations, with the kitchen next. Saffron said: "It's nice knowing that we can do whatever we want to this house, plus we've found that owning a home does feel more secure than renting, as we know we are here until we decide to sell up."
Reflecting on the experience, she added: "Without the Track Record, we honestly wouldn't have been able to buy a home. We would definitely still be renting, at least three or four years more. Saving money for a deposit was our biggest barrier - the Track Record really was our saviour."
Impact of the Scheme
Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: "Getting onto the property ladder is becoming increasingly challenging for renters, as they try to balance the cost of living with saving for a deposit... The figures in our latest research are a stark reminder of the pressures many are facing, often despite already demonstrating they can afford significant monthly housing costs."
She added: "Since launch, it has helped more than a thousand renters take their first step onto the property ladder, with many buying a home without any deposit at all. In fact, more than half are now paying less on their mortgage each month than they previously did in rent."
