Couple explain how they bought £156,000 house with just £600 saved | Personal Finance | Finance

Saffron Green and her husband Reece were intent on purchasing their own property, but it seemed the circumstances were working against them. Following their departure from their family residences, the pair were forced to rent for more than 18 months, though ownership remained their objective.

“My husband and I didn’t really want to rent, and both always wanted to get on the property ladder,” Saffron, a travel sales adviser from Pontefract, told Skipton Building Society. “About a year into renting was when we realised how hard it was to save, pay rent and bills. We couldn’t get enough money saved for a deposit; every time we saved a bit of money, something happened, eg vets bill or the car.”

Despite possessing merely £600 in savings, the duo began searching for a property to purchase in August 2024 when their 12-month tenancy agreement concluded, but encountered additional obstacles.

Saffron said: “I needed to be 21 to qualify, so we agreed to another 12 months renting, but we still continued to look until my 21st birthday in October. Having to wait until I turned 21 was rather frustrating, as we were already viewing houses and found an almost perfect home that we didn’t get chance to put an offer on as I wasn’t 21 yet.”

The pair learned about the Track Record Mortgage through investigation and their broker. It provides renters who have proven they can manage consistent rental payments the opportunity to secure a mortgage.

Saffron said: “We found out about the Track Record mortgage by researching and also our amazing mortgage broker. I asked him if it was possible for us and he set up a meeting with us both, explained the criteria and helped us through the whole process.

“The main obstacle we found were the solicitors. Being first-time buyers, we expected them to be a little more understanding and explain things a little more to us.”

The couple have now settled into their first home, which was valued at £156,000 and are currently in the midst of renovations.

Saffron said: “We’re about 50% done. The kitchen is next on the list. It’s nice knowing that we can do whatever we want to this house, plus we’ve found that owning a home does feel more secure than renting, as we know we are here until we decide to sell up.”

Reflecting on the experience, Saffron noted that the scheme made purchasing a property a genuine possibility: “Without the Track Record, we honestly wouldn’t have been able to buy a home. We would definitely still be renting, at least three or four years more. Saving money for a deposit was our biggest barrier – the Track Record really was our saviour.”

Jen Lloyd, head of mortgage products and proposition at Skipton Building Society, said: “Getting onto the property ladder is becoming increasingly challenging for renters, as they try to balance the cost of living with saving for a deposit and all the other associated costs that come with buying your first home. The figures in our latest research are a stark reminder of the pressures many are facing, often despite already demonstrating they can afford significant monthly housing costs.

“In many cases, renters are already meeting payments comparable to a mortgage, but the barrier of saving a deposit continues to hold them back. We believe it’s only fair that people who have demonstrated they can afford regular rental payments have a real opportunity to become homeowners, even if high rental costs have made it difficult for them to save for a deposit.

“But buying a property can unlock much more than homeownership – it can provide greater stability, support long-term wellbeing, and give people the confidence to move forward with major life plans. This year also marks three years since the launch our Track Record mortgage, which was created to provide an innovative solution for renters who may feel trapped in the rental cycle.

“Since launch, it has helped more than a thousand renters take their first step onto the property ladder, with many buying a home without any deposit at all. In fact, more than half are now paying less on their mortgage each month than they previously did in rent.”