It is a five-year fix with a rate of 5.44% with no fee.
Skipton Building Society said the addition of the cashback product came after the Track Record mortgage received the highest value of applications in a month this year.
In September, the value of applications rose to £9.6m, bringing the total value of applications to more than £130m since the product launched last year.
The Track Record mortgage is open to renters and provides a 100% LTV mortgage. Affordability is based on historical rental payments.
The £1,000 cashback version is expected to help borrowers with the additional costs incurred when purchasing a home, such as solicitor fees, moving costs and furnishing.
Going digital
Sponsored by Halifax Intermediaries
Jen Lloyd (pictured), head of mortgage products and 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.”
Since launching, Skipton Building Society has tweaked the Track Record product to be open to people who were renting but had previously owned a home, and has also added lending on new-build flats, extended the maximum loan term to 40 years and introduced a shared ownership version of the product.
