At Roff Financial, we’re always keeping an eye on what’s new in the mortgage world – especially when something comes along that could make life a little easier for our clients. That’s why we wanted to share details about an interesting new mortgage option just launched by Skipton Building Society: the Delayed Start Mortgage.
What is a Delayed Start Mortgage?
This new deal is aimed at first-time buyers and offers a welcome bit of breathing space – it lets you delay your mortgage repayments for the first three months after moving into your new home. That means no monthly payments during what is often the most expensive time: buying furniture, decorating, and settling in.
It’s important to know that while you don’t make payments for three months, interest still builds up during that time and is added to the total amount you owe. So while this product can offer a useful break upfront, the overall cost will be slightly higher in the long run.
Key Features
Here’s a quick overview of how it works:
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Available to first-time buyers (at least one applicant must be buying for the first time)
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Borrow up to 95% loan-to-value – meaning just a 5% deposit could be enough
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Fixed rate options:
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5% deposit: 5.20% for two years or 5.00% for five years
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10% deposit: 4.87% for two years or 4.78% for five years
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Available for new build homes too, though rates may differ slightly
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You can make overpayments of up to 10% each year without an early repayment charge
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Can be used alongside Skipton’s Income Booster mortgage for extra help from family members
It’s worth noting this product isn’t available with government-backed schemes like Shared Ownership or Help to Buy.
Why This Could Help
We know from experience that first-time buyers are often juggling a lot of costs when they get their keys. Skipton introduced this mortgage to ease some of that pressure – allowing buyers to settle in and cover those initial expenses without worrying about the first few mortgage payments.
Things to Think About
Like with any mortgage, there are a few things to consider:
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Interest is still added during the payment-free months, so it may cost more over time
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It’s not the best fit for everyone – if you can comfortably start payments straight away, there may be other products that save you more in the long run
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It’s essential to understand how this would affect your budget longer-term – and that’s where we come in
Our Thoughts
At Roff Financial, we think the Delayed Start Mortgage could be a great option for buyers who are feeling the financial stretch of getting on the ladder. As always, the right choice depends on your personal circumstances – and we’re here to help you figure that out.
If you’d like to know whether this mortgage might work for you, or if there’s a better fit from the 12,000+ mortgage products we have access to, feel free to get in touch for free initial advice.
📍 Based near Yeovil, Somerset – we offer honest, friendly advice to help you feel confident every step of the way.
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