Building society launches Delayed Start mortgage in the UK

Targeted specifically at first-time buyers, the product delays mortgage repayments for the first three months after moving into a property.

The launch follows research from the building society which found that first-time buyers spend nearly £3,500 on average on furniture and £2,600 on kitchen appliances, while also facing bills of around £1,700 for removal companies.

Additionally, 35% of first-time buyers reported juggling costs for two properties as rental agreements overlapped with moving in. Four in ten found it difficult to align their move with the end of their lease, with 26% blaming delays in the buying process.

Jen Lloyd, Skipton Building Society’s head of mortgage products, said: "Becoming a homeowner should be one of the most exciting milestones in someone’s life. However, our research shows that first-time buyers are struggling and feel the costs associated with moving take the shine off getting onto the property ladder.

"That’s why today [7 May] I am pleased to announce the launch of the Skipton Delayed Start mortgage, giving first-time buyers some breathing space with no mortgage repayments due for the first three months.

"We hope that this product will help first-time buyers settle into their new home and ease the strain of costs that go beyond the deposit."