A building society has launched what it called an "industry first" mortgage that doesn't require a deposit. Aimed at renters, Skipton Building Society said it would help people get out of "trapped rental cycles" and onto the property ladder.
The Track Record Mortgage will not require a guarantor either. Instead, tenants who can show they can afford the mortgage and a track record of paying rent can borrow up to 100% of the value of a property on the five-year fixed rate mortgage.
Skipton has warned that it expects high demand and the deal "may sell out quickly". It said there were 4.6million households renting privately across England - more than double the number recorded in 2000.
