Getting on the property ladder has never been easy, but for many renters today, it feels almost impossible. You pay your rent on time every month often more than what a mortgage would cost but saving a deposit? That’s a whole other challenge. That’s where Skipton Building Society’s Track Record Mortgage comes in.

It’s a product that’s made headlines and raised a few eyebrows but also offers a genuine lifeline to first-time buyers struggling with the deposit hurdle. Let’s break it down.

The UK property market has made a confident start to spring, with the average asking price of a home reaching a new record high. This comes despite the end of the temporary stamp duty relief at the beginning of April, demonstrating that both buyers and sellers remain active and engaged.

According to the latest figures from the April House Price Index, the average asking price for a UK property now stands at £377,182. This represents a monthly increase of 1.4 per cent and an annual rise of 1.3 per cent. Buyer demand has grown by 5 per cent compared to this time last year, while the number of new sellers entering the market has increased by 4 per cent year-on-year. Stock levels are now the highest for this time of year in over a decade.

A shift is taking place across the mortgage market, bringing a wave of opportunity for both prospective buyers and existing homeowners. Leading lenders are responding to expectations of falling interest rates by reducing mortgage pricing and easing affordability criteria. This development could enhance borrowing potential for many households in the months ahead.

If your five-year fixed mortgage deal is coming to an end, you might be wondering what to do next. Many homeowners who locked in a low fixed rate several years ago are now facing a different mortgage market, where rates have changed.