The mortgage was launched last year for first-time buyers and has since attracted £419m in applications. It allows borrowers to delay their first mortgage payment three months after moving into their new home to help manage costs.
The product is available on Skipton’s Income Booster joint borrower sole proprietor (JBSP) product, new-build and shared ownership applications. It can also be used with Skipton’s Track Record Mortgage, subject to eligibility criteria.
It said most demand for the mortgage came from the South East, followed by Greater London, the East of England and the West Midlands.
Jen Lloyd, head of mortgage products at Skipton Building Society, said: “Moving home can be both exciting and expensive. While the mortgage is often the focus, many of the financial pressures come from everything happening around the move itself, from furnishing a property and carrying out improvements to managing overlapping costs as households transition from one home to the next.
“The strength of customer demand for Delayed Start has reinforced what we’ve long believed: greater flexibility can make a meaningful difference at key moments in the home buying journey. That’s why we’ve taken the decision to extend the proposition beyond first-time buyers and make it available to more homemovers.
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“As a mutual, we’re focused on finding practical ways to support customers through real-life challenges. Whether someone is buying their first home or moving up the ladder, they deserve products that reflect how people actually live, move and manage their money.”
