Skipton Track Record Mortgage - would shared ownership count as owning a property?
Hi everyone,
I’m hoping someone may have experience with Skipton’s Track Record Mortgage or something similar.
My partner and I currently own a 25% share of a shared ownership property. The full value of the house is around £355,000, our share is worth approximately £88,750 and our outstanding mortgage is around £78,087, leaving us with around £11,000 equity.
We want to sell and buy a house that we own 100%, but our issue is that we don’t have separate savings. The £11k equity would need to cover the costs of moving (solicitors, stamp duty, etc.), rather than being used as a deposit.
We’ve been looking at 100% mortgage options and came across Skipton’s Track Record Mortgage, which looks like it could potentially work because we have a strong rental payment history and a combined income of around £80k.
The question I can’t find a clear answer to is:
Would Skipton consider us eligible for Track Record if we currently own a 25% shared ownership property, but we would be selling it as part of the move?
I know Track Record is aimed at people who haven’t owned a property, so I’m unsure whether shared ownership counts as “owning a property” for their criteria.
Has anyone successfully used Skipton Track Record after having shared ownership, or been in a similar position?
Thanks!