Overview

• Skipton Building Society's Delayed Start mortgage allows first-time buyers to defer repayments for the first three months while interest accrues from day one.
• The product is available to those with deposits as low as 5% and offers fee-free two- and five-year fixed-rate options tailored to varying deposit sizes.
• Research commissioned by Skipton found 71% of first-time buyers faced higher-than-expected moving costs, with 63% reporting financial strain during the process.
• Typical expenses for first-time buyers include furniture, appliances, and removal services, with an average recovery period of eight months following the move.
• The launch follows recent stamp duty changes reducing the nil-rate threshold for first-time buyers in England and Northern Ireland from £425,000 to £300,000.