"If you need to start your mortgage life with a payment holiday, should you be starting?"

This feature is nice to have, but I don't see how it would alter the advice process. More lenders should offer this to help those transition into property ownership, especially if they live at home. Credit to Skipton for thinking outside the box but interest is accruing from Day 1 so are they doing you any favours?

It’s a intresting move from Skipton, and for the right buyer, it could help bridge that painful gap between renting and buying. But let’s be real, if you need a break before you've even started, it’s worth asking whether the timing’s right. Interest still racks up from day one, so this isn’t free money. It’s a lifeline, not a longer term fix. Used right, though, it could help first-time buyers secure their dream home.

Skipton's innovative nature should be applauded, but let's not beat around the bush here, this is effectively a mortgage with a front-loaded payment holiday for the first three months. It's the kind of product that will sound good to many when they first hear about it, but once they dig into the details and realise those first three months aren't free, they might have other thoughts.

Skipton BS is showing other lenders that innovation is so crucial to borrowers as they look to buy their first home. This 3-month deferred 'Delayed Start' mortgage payment gives young buyers some time to adjust to the financial model of home ownership. It is more a cash flow tool than a freebie, with the interest added to the mortgage for the 3 months, which could add £3-4k to the balance of a typical £250,000 mortgage, which might go unnoticed until you look to take a new deal in a few years time. For those needing that cash flow support this is a great opportunity to buy and not have to borrow on credit cards to purchase furniture, but just remember that there is no such thing as a free lunch, especially with mortgages.

This is a great bit of product innovation but it would have been nice to have been told in advance of launch about it. The balance will increase and could be costing borrowers more in the long run but, as with all products, though it's not for everyone it may work for some. Skipton really are trying after their launch of the Track Record, too.